Ignoring the canon wouldn't do either, as that would defeat the whole point and object. Re-writing the canon, re-writing history itself is what it's all about.
Don't even need to change Octopussy - might make a much better film though
This is getting a kicking critically but I do quite want to see The Meg - Jason Statham v a prehistoric shark
http://www.themeg.movie
If Bond can be 116 then why not explore earlier eras?
A Napoleonic Bond, perhaps, in From Prussia with Love.