'It's a Wonderful Life' Star Sequel Could Be Awesome ... Or Total Crap!

11/19/2013 12:10 AM PST

The guy who played 4-year old Tommy Bailey in the classic flick "It's a Wonderful Life" says the recently announced sequel has a chance to be great ... but in the wrong hands ... the movie could turn into a steaming hunk of Christmas dung.

TMZ spoke with Jimmy Hawkins who says he doesn't have any beef with the new "Wonderful" producers for attempting to revive the flick ... but thinks the whole project could fall apart if the script is bad ... or if the right director isn't hired.

The now 72-year old actor says Frank Capra -- the director/producer of the original -- tried pitching a sequel for years when I.A.W.L. first came out in 1947 ... but, at the time, studios felt making a sequel would be sacrilegious.

Jimmy confirms he's in talks to reprise his "Tommy" role ... but says discussions are still extremely preliminary because he wants to make sure it's not just "stunt casting."

Hawkins adds, "I wish them all the luck in the world."