I think there's probably an appetite for it, but setting it in the 50s is a mistake. So much of what made Stranger Things a revelation was the 80s setting elements like D&D, fashion, the lo-fi score, and soundtrack choices. It killed with Gen-x and millennials.

How do you even make a Stranger Things spinoff without D&D? It'll just end up being another generic horror setting like Welcome to Derry or Lovecraft Country. We have been making boomer targeted shit for decades already. Also good luck resurrecting an underappreciated 50s banger like they did for Running up that Hill.

I think they would have more success moving forward in the timeline with a 90s setting.