I'm an artist and I've put a lot of thought into uniforms and logos.
In my opinion, the Oilers logo should be kept forever. It's actually a very sophisticated and unique design. The jerseys, pants and socks, etc however could be made to look a little less busy and more streamlined and modern. I will always want to see the colours as they are, but I also wish we could have some tweaks to those as well. I know it's been done, and I like the orange ones, but it's still the same colours. But I can't have it all -because what I'd really like, as the OP suggested, is an all new logo and uniform design for the alternate. Something very cool with a simple but strong logo and unique colours. I've been sketching for a long time.
The McFarlane logo is not welcome back as far as I'm concerned.
I did an analysis of the Oilers logo a while back as follows:
The Oilers logo is original and intriguing. It can be broken down in many ways, providing varied, compelling imagery, and there is nothing like it in other logo designs. First, it can be seen as a cross-section of a pipe - the letters elongated, representing the reflection on a liquid (oil), a ghostly inner chamber. The upright bars extending from the letters also call to mind a vent, perhaps in a burning furnace, being fueled by the oil that drips from above. The situation of the drop graphically interacts with the strong outer contour of the circle where it breaks at the top, drawing the eye into the center of the logo. The drop being at the top is nearly mystical in that the fuel is depicted as an ever present source of energy, as though coming from above, like mana, seeming like a third eye, the guiding light that connects us to the land - the oil. The rendering of this third eye is also reinforced by the abstract effect of teeth below in the barred lettering which creates yet another reference, that of the gaping maw of an elemental beast.