I know everybody thinks that Terminator 2 was the best of the series (it's not, I'm sorry), but there's an element from it that has never been revisited in any of the sequels (AFAIK) and there's no reason why they couldn't use it in a future movie to correct all the various plotholes, etc. that have cropped up since. I'd even completely forgotten that this scene existed until somebody posted it on FB. As a bonus aspect of it, it could be used to revive some of the flagging careers of actors who were big names in the early 90s. What scene? This one: That's right, Wayne's World is in the same universe as T2. Come on, Follywood, make a Wayne's World Terminator movie happen!
All it would have taken was Michael Bolton from "Office Space" flash driving a virus into Cyberdyne, and it all would have been over. None of all those explosives, and cop shooting, and Miles Dyson being killed was necessary.
Eh, generally the first movie is the best, but this one had a time loop. And I hate time loops. They make no sense. As for the series in general, I liked T3 best.
It might work better with Bill and Ted as they were the chosen ones. Wayne and Garth would be somewhat funny, but you would need a comedian like george carlin to come back to save those dufuses. I am pretty sure that was almost the plot of Bogus Journey.
If by T1 you mean this, then yeah. (Seriously, some editing could have saved T2 but that was a bridge too far for Cameron.)