Mulling over the concept, I think the only way to direct a quality Metal Gear film is to ditch the idea of mass appeal and intentionally attempt to create a cult classic that captures the spirit and story of the original, not unlike Dredd or the new Blade Runner film. And with the correct marketing and angle, hopefully crossover into mainstream appeal like Mad Max: Fury Road. Tricky, but there's a first time for everything.
Alternatively, they could go The Shining/2001: A Space Odyssey route and just make a very good film that doesn't resemble the original work very much. But Vogt-Roberts is not the Kubrick for that, nor does he seem like the type to piss off original authors.