I'd like to see the ridiculous hawkish foreign policy side of Reaganism die, frankly. THe earlier debates were so ridiculous, Carly Fiorina sounded like she was ready to nuke Russia the next day, and Chris Christie was no better. I heard a lot of millenials mention that this makes the GOP seem like crazies and they're right.
Depends on which part of the Reagan foreign policy you mean. Was it the part that challenged Gorbachev to reunite Berlin, his efforts to conclude an arms agreement, his rebuilding the military, his scaring the hell out of the Iranians? He didn't really bomb the Soviets into their ultimate collapse, but his peace through strength philosophy, perhaps the best foreign policy a nation can have, certainly helped.
And if we remain strong militarily, we won't have to throw around a lot of inane bombing threats. That strength will be reflected in the size, technology, versatility of our military, our alliances around the world, and our leadership. Every nation must know that we cannot be destroyed, and that we can and will respond to threats not only to ourselves and our allies, but to instabilities that threaten the geopolitical balance. Russia and China are not our enemies, not because they are good, but because they will fear our strength.
The foreign policy challenges will continue to proliferate for the US. A president who apologizes for our history and who considers the US an equal among many, will get us into many more wars than one who considers the US the leader among many, but understands the biggest guy in the bar doesn't have to throw the first punch.