I think there's enough there to make a decent second season.
Drop the Hand 100% and shift to Davos as the bad guy. The audience is already on his side (because we're aware that Danny is a shitty Iron Fist who abandoned his friends and his duty and deserves an ass whooping), so it'll make for an interesting dynamic.
Have Danny get the shit beaten out of him over and over again until he learns his lesson. Old Danny is a "good dude" but also a self-righteous, condescending, bullheaded dick. He absolutely needs to be taken down a peg and learn some humility. I think Finn Jones can make a good Danny Rand, but the material makes him insufferable, and that exacerbates the actor's natural sort of... obnoxiousness. I think a good director could channel that into a good character.
Frankly I have no idea what to do with the Meachums at this point. Or Colleen.
And of course completely restock the writer's room and producers and everyone. Just a completely new creative team. Destroy everything from the first season, piece by piece, and try to build something from the rubble.