What we need is a Fourth Network with a sympathetic or daring executive. What would it American name be? What about the American cast?
I mean it's possible it could also be a part of Fox Kids ITTL. I mean, Marvel definitely had a lot of dealings with them. Mighty Morphin Power Rangers also seems like the kind of name that Stan would come up with.
However, while I think the concept and the cast wouldn't be different, the show itself would actually be pretty different. The teens would probably be a bit more angsty and have social issues like Peter Parker did, while still being palatable to the pre-adolescent demographic.
Also, I think since this would be an entirely new IP for them, they might actually try to place the Power Rangers in Earth-616 rather than make it a part of it's own continuity. This would be massive, cause it would be the first piece of non-comic media to take place in 616. The rangers would probably also crossover with the cartoons, but since the animated universe is not 616 it would obviously not be the exact same characters.