We present a theoretical study of the O(P-3) + CH4 -> OH + CH3 reaction using electronic structure, kinetics, and dynamics calculations. We calculate a grid of ab initio points at the PMP2/AUG-cc-pVDZ level to characterize the potential energy Surface in regions of up to 1.3 eV above reagents. This grid of ab initio points is used to derive a set of specific reaction parameters (SRP) for the MSINDO semiempirical Hamiltonian. The resulting SRP-MSINDO Hamiltonian improves the quality of the standard Hamiltonian, particularly in regions of the potential energy surface beyond the minimum-energy reaction path. Quasiclassical-trajectory calculations are used to study the reaction dynamics with the original and the improved MSINDO semiempirical Hamiltonians, and a prior surface. The SRP-MSINDO semiempirical Hamiltonian yields OH rotational distributions in agreement with experimental results, improving over the results of the other surfaces. Thermal rate constants estimated with Variational Transition State Theory using the SRP-MSINDO Hamiltonian are also in agreement with experiments. Our results indicate that reparainetrized semiempirical Hamiltonians are a good alternative to generating potential energy Surfaces for accurate dynamics studies of polyatomic reactions.