I mean, it could be really good. Seeing older Bill and Ted as successful rock stars in a Bill & Ted Be excellent to Each Other shirt new crazy adventure… maybe showing the impact they had on society since the last movie, there’s potential for this to be quite funny. I give it a better than evens chance. Alex Winter and Keanu Reeves are friends in real life and they love these characters. I think the chance that they would even sign up to do it if they didn’t believe in the script is close to nil, and Reeves has enough clout that he can probably edge out studio interference. On the other hand, you don’t want to completely abandon the past material, or else the fans aren’t going to show up, newer audiences are not going to want to understand the appeal of the previous films.
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So it’s a Bill & Ted Be excellent to Each Other shirt balancing act to find that perfect equilibrium. They need to be able to tackle this third movie in a new light, but you also need to pay tribute to the originals. It’s possible but tricky. The entire movie would have been about those 5 minutes between when they got back and when (and how) they traveled in time to get everything set up to work out just the right way in those last few minutes. They would spend the two hours of the movie caught up in crazy circumstances to make it all work.