I like the original idea of how he would have been revealed in Mask Of Light;
Makuta cares for the Matoran more than Mata Nui and values there safety, in essence filling a role similar to the Seventh Toa. While the Seventh Toa's goal is to awaken Mata Nui, Makuta would have wanted him kept asleep to prevent the destruction of the island. In essence it would have made him a more misguided hero rather than just a plain villain
I feel that his actual G1 representation is a bit of a mess, throwing in a 'master plan' to explain his constant failures and odd decisions. The more interesting villains in the series are more manipulative, such as Roodaka.
Roodaka manipulated a king and had two plans for how she could free Makuta. When Vakama became evil she took that into her plan and exploited it and planned for the eventuality of him betraying her, regardless of how much sense it made that destroying a sliver of Protodermis would free him.
As for G2 Makuta, assuming he is also a variant of Teridax, I'd prefer to see them go with the Mask Of Light style of idea. Where he is more misguided but justified in his reasoning. He wants to be acknowledged so he creates a Mask Of Power, however the Mask's energies overwhelm him. He removes the mask, but he's been driven slightly crazy by its power. He tries to do the right thing, but like Gollum, he is warped.