I'm cautiously optimistic in how this adaptation will go. The original is one of my favorites and seeing the series creator return makes the odds of it being bad lower.
I am cynical about the concept of every older successful animated series or movie seemingly getting a live action adaptation, though. These stories were originally made with the medium of animation in mind and rehashing them in live action makes them less interesting and takes away resources from new and original stories. It feels like many studios take the easy route of cashing in on nostalgia rather than take a risk and make something new for the sake of variety or innovation.
I feel the same about how so many video games get remakes and remasters instead of new entries or how every successful old TV show either gets run into the ground with endless seasons or they bring back old ones that were cancelled years ago to cash in on nostalgia. I just miss when entertainment was about trying new things instead of everything being a reboot or adaptation of something that already exists.
That being said, my opinion on the nature of the entertainment industry doesn't mean this live action adaptation will turn out poorly. The One Piece adaptation was mostly well liked, and with the right cinematography, script, and actors it could be a solid take on the original anime. I do have to wonder if Nujabe's music will return since he died many years ago and he won't be able to contribute. Without his tracks the anime wouldn't have been the same.