When it was announced that there would be a new version of 'Human Target' (which in itself was based on a comic book), I was resigned to relegating the new version to an alternate dimension since Earth Prime-Time already had a version.
But a moment near the end of the latest episode, "Embassy Row", gave me hope that both versions can exist in the main Toobworld.
FBI Agent Emma Barnes ran Christopher Chance's prints through the database and learned that he had a slew of alias identities, including that of Christopher Chance: So I'm thinking that this super bodyguard picked up where the last one left off, even taking over the first one's identity - or maybe even all of his identities. (We never saw that Christopher Chance again after August of 1992.) And none of the supporting cast from that previous show have the same names as those of Winston and Guerrero. So we don't have to worry about splainin why they might have picked up those identities as well. (Nevertheless, "Guerrero" is an alias. I'll have a theory on that soon.....)
So this is one time when both versions of a TV show can share the same universe without driving each other crazy....