So we have an old small prototype we did for a game jam some time ago and we are thinking about doing it over with new art and a completely new text, literally a new game but just inspired by what we did before, and we probably will do it in the game jam timeframe, would that be ok?

I'd caution you away from a remake.  A straight remake likely wouldn't fly.  You could make a spin off, sequel or prequel, or alternate universe.  I can't say we have had to rule on a remake before but I suspect it would get disqualified.