Firstly, having the Dragon be a woman makes me feel like it lessens Egwene & Nynaeve. Egwene and Nynaeve do a lot in the series without being The Dragon Reborn. Let them stand on their own, let them be them. Egwene as Amyrlin is a bright lamp that sets up the Aes Sedai for a better future after the Last Battle. She single handedly reunites the broken tower and makes it whole in order to bring the Aes Sedai to Tarmon Gai'din. These are massive accomplishments, and makes her impressive in her own right not just being "The Dragon Reborn". She also stands up to balefire disintegrating the pattern and gives up her life to heal the damage to the pattern and to kill the Forsaken who was doing it and becomes a crystallized monument forever more. Honestly, her one mistake was Gawyn, but that's because I hate Gawyn, lol.
Nynaeve is the greatest living healer in the world. She healed stilling, something the goddamn Aes Sedai in the Age of Legends couldn't do. She is 50% of the power used in healing the male half of the source, something that most people when hearing about it.... either disbelieve or believe the Creator did it. She also heals men who have gone mad, which is an incredible feat. It's very likely that she is not just the greatest healer of the current age, but if she lived during the Age of Legends, she would have been one of the greatest Aes Sedai of that time. Plus her story with Lan is incredible, and I feel swells of emotion when she ports his ass to the Borderlands and makes him ride the entire width of the continent while she goes out and puts the clarion call that the "Golden Crane flys for Tarmon Gai'don." I think her being the Dragon Reborn would diminish a lot about her character.
Now, for the men.
Perrin. Whew, man. Yeah, Perrin needs some help, especially between Lord of Chaos and Knife of Dreams, but that doesn't actually take away that Perrin has a chance in a series that can tell a tighter story to be a badass. While not a major part of the prophecies, there's a line about the Wolf King carrying the Hammer. And the way they have set Perrin up so far, it's clear that he has the internal struggle between the axe and hammer in a fiercer way than he did in the books. This is great, I want to see him struggle with who he is, and then embrace it. Let him slowly grow into the Wolf King and let him use the good doggos to fuck up all the bad guys out there, because doggos are good boyes and girls and I love them. Still, he has a story that I think can be told very well and let it develop without all the bullshit of being the Dragon Reborn.
Mat. Mat's the greatest general of this age and while it takes time for him to fully embrace his role. Admittedly I'm not a big fan of who he ends up marrying, but I highly enjoyed watching their top general watching Mat work and be like "Who the fuck is this guy?" lol. Which it seems like a lot of people have that reaction to Mat, which is hilarious and fun. And that's his character. Constantly trying to duck responsibility but always being dragged into it by people around him or the pattern. He has a great character arc in the books (especially from Book 3/4 onward), and I think there's enough there to let him shine as a character without making him the Dragon Reborn.
Then Rand. What is Rand's role/story without being Lews Therin reborn? I mean, they could combine him with Mat/Perrin's stories, but again I want those characters to stand on their own. I want people who have never read the books to love Mat and Perrin like I did when I read the books. I want all of the Eamon's Fielders to stand on their own stories like they did in the books on their own merits without changing who the Dragon Reborn is.
Besides -- The show has already made it abundantly clear that Rand is the Dragon Reborn. So I'm not worried about it, but I thought I would still share my mindspace about WoT plot.