Odagiri did a cameo toward the end of Daimajin Kanon, so he's still working and still willing to do tokusatsu. He could probably be in the film if he wanted to, but I can't see him working for Toei again.
I'm pretty sure he only did Kanon because it was mostly Kuuga staffers and he's always been complementary about the team he worked with on Kuuga. He just seems to hate the way Toei treats its cast and crews.
Shigeki Hosokawa has expressed similar feelings about Toei, so I'd be pretty surprised if they could get him back for Hibiki. Given that Hibiki's not very merchandisable, though, I doubt Toei cares all that much.
Toei might put some effort into Odagiri, though. The sorts of older fans and die-hards who'd be the target audience for a 40th anniversary movie also tend to hold the original Kuuga series in extremely high regard.
If they can't get Odagiri, they could probably get Ryouta Murai to show up and play Bootleg Kuuga for about $2.50 and half a ham sandwich.