It sounds like they're going for the same scenario -- toxins from a military base flow into a river and create "a giant mutant squidlike creature" (or tadpole!). The creature hits land, steals a little girl, and her "dysfunctional family" must team up to save her.
Do we need it? No. The original cast and crew did an amazing job and made one of the funniest horror movies that I've seen in years. But we're going to get it. So now we have to decide: Would we want it to be as similar to the original as possible, or should Poirier go wild with the script so that it doesn't look anything like Gwoemul? I'm leaning towards the latter -- there's no way he can top the original, and a lot of the strangeness and jokes just won't translate.