I hope the story does begin with the Macross story line. If they're thinking of an 80's cartoon franchise, maybe that's why they chose Robotech since it has three separate plot lines they can choose or modify from. With the HG legal battles there's a good chance that instead of Macross they do a version of Mosepeada instead. There's only been a handful of movies that actually stayed true to it's animation origins (even 300 added pieces to the novel) so I hope the "spirit" of Macross/Robotech is kept. The movies Toby has been in besides the Spiderman franchise has always had strong story telling (Cider House Rules, Seabiscuit, Wonder Boys, The Ice Storm, etc.) so hopefully the writing for this movie is top-notch.
All in all, at least there's the possibility of more transforming mech in the toy stores when the movie comes out. Let's just see how long it will take in development if it's on track as the Shadow Chronicles....2020!