Much a I think that the TSR2 was a beautiful (in an ugly sort of way) aircraft, it was designed in the sixties. I do not think that you could just do a "quick" update of the systems to bring it into the modern world. You would really have to start from scratch and I can see too many problems. There is also the problem of who would build it. In the sixties we still had a manufacturing base, today we do not.
I also disagree with Tim McLelland, bring back the Sunderland, not the Varsity.