I'm not encouraged.
http://deadline.com/2018/04/mask-f-gary-gray-hasbro-paramount-movie-the-fate-of-the-furious-straight-outta-compton-1202367320/"They will move quickly to set a writer to hatch a contemporary subculture movie with a youth empowerment angle."
So that means that Matt Trakker will be a 15-year-old, and the other members of MASK will just be his high-school buddies, and the vehicles and helmets will just be something they whip together in shop class or in someone's garage.
... or, worse...
Two straight hours of Scott Trakker and T-Bob.
Edit: From the same article:
"Gray sparked to MASK because it is a vintage property that could be revamped and have something to say to a contemporary audience. For Paramount, it is exactly the kind of franchise swing that the rebuilding studio needs."
My gut instinct is that this is not going to be even close to a faithful adaptation. They're going to twist it into some in-name-only unrecognizable thing, like they did with Jem.