Eazy-E Hologram -- A-OK with N.W.A

DJ Yella -- one of the founding members of N.W.A -- will not be reaching back like a pimp and smacking the person who greenlit the Eazy-E hologram ... 'cause he thinks it's pretty damn cool.

TMZ spoke with Yella -- who also produced Eazy's first solo album -- and the guy tells us he thinks it's GREAT that his deceased friend will come back to life (via hologram) to perform at the Rock the Bells hip-hop festival in September.

"It's cool that a younger generation will get to experience [Eazy's] music," Yella says.

Yella tells us he's "most likely" going to attend one of the shows ... and REEAALLLY hopes the hologram performs "Boyz-n-the-Hood" and "Foe tha Love of $," alongside Bone Thugs.

The 45-year-old rap pioneer says ... he feels the hologram is a "pretty nice tribute" to both Eazy and N.W.A ... but says he was kinda hoping the group would score an even bigger honor.

"We should have been in the Rock and Roll Hall of Fame this year," Yella says ... "But this is cool too."