There's a part of me that is very worried about this, but there's another part of me that thinks that, if done right, this could be an incredible show. In a perfect world, the show would be something like this:
-James Gordon is a detective struggling to do his job in a city where corruption runs rampant throughout the police department.
-Alfred Pennyworth is trying to find a way to take care of an emotionally unstable child after the deaths of his parents.
-Bruce Wayne is constantly trying to readjust to life after suffering severe mental and emotional trauma.
-Selina Kyle is a young, Holly Robinson-esque prostitute struggling with her identity as the (potentially) illegitimate daughter of a Gotham Crime boss (Carmine Falcone).
-Edward Nashton could be an up and coming tech-wizard whose ego starts to outweigh his genius.
-I wouldn't want to go to far with the whole Devito interpretation, but, perhaps, to a lesser extent, Oswald Cobblepot's physical attributes make him a target of abuse and we see that sort of forge him into the ruthless, power hungry, underworld boss that he eventually becomes, maybe biding his time and working within Gotham's underworld.
The only one I worry about is The Joker, as his ambiguity is part of his appeal.