The original Penny Wise worked because he was relateable. Clowns where the thing that creeped most kids out and some adults.
The others unlike Medusa are OK if your going for a teen slasher set in your dreams or space. Medusa pays homage to penny wise considering if the reboot is based on the same format as the original. Fours friends brought back home by tragedy. But discovers they've all in countered penny wise but every one has a different ideal of how penny looks until the great reveal (Madosa). This why we can see all the concepts and be scared to.