I don't see a return of the Bill & Ted show as any realistic possiblility:
- Nightmare Fuel is insanely popular and they don't have two venues to put them both it (Blue Man will be setting up for the holidays, other venues are too small).
- It was a dormant IP when they had the show, so there was lots of leeway. With Part 4 rumored to be in the scripting phase, they wouldn't allow the characters to be involved with anything that might insult either of the election candidates, Disney, the Swifties, or anything else with a fan base that could mobilize against the IP if footage leaks out.
- What would they have that would be in the public consciousness for a 3 or 4 month period (including scripting, rehearsals, and the full event) when the most popular songs are random 10+ year old songs that people are discovering on TikTok and every few weeks there's a new "It" thing. The show would pretty much be out of date before it's first show is even performed.
- You could say they could do a stripped down show that is just B&T, on a small stage, just being cool...but that would piss off people expecting the same show (and inflating how good it was in their memory over the years)
Now what I COULD see would be a room in the HHN Tribute Store. Or a David S. Pumpkins type thing where the characters show up for interactions and selfies. Or a 5min long popup appearance somewhere like the bar on top of Fallon where they come out, strike their pose, and just welcome people to this most excellent event and bla bla bla while not going "off brand" from what is done in the movies.