For pity's sake, Spielberg just made a new Indiana Jones movie not long ago and it actually didn't suck, so obviously you can resurrect a franchise and do it well.
Actually...Lucas created Indiana Jones, and it was his idea to bring back Indy. Spielberg has repeatedly said while he directs the Indy movies, Indiana Jones is Lucas's "baby" and his creation. As for not "sucking", the latest Indy movie is matter of much heated controversy among the Indiana Jones fans. Some liked it and some really despise it. (The alien storyline was actually Spielberg's idea. Lucas was initially very much against the idea.)