I brought this up over on the Hollywood speculation thread, but I'll bring it over here as well, if by some miracle we truly are seeing the return of B&T, I don't think it'll be what we're thinking (pop culture parody adventure).
I think what we could see (and the more I think about it, the more I think I'd actually prefer this): Bill & Ted's Reunion Tour Revue, a musical-style rock 'n' roll show with live singers and dance numbers, as well as small jabs at pop culture that can change daily depending on real world events. Sound familiar? It was the format for Beetlejuice's Graveyard Revue, and it worked beautifully.