I don't want to see a 2. There has NEVER been a Muppet 2 of any of the movies... unless you count MTI being a semi-follow up to MCC. That's the magic. They can take the characters and put them in different wacky situations without having to follow any bothersome stuff like continuity or canon. Though, VMX did reference the first movie as far as mentioning Doc Hopper's in the alternate timeline. And Yes, I do hear there were small references to other films in the new movie... but other than that, they just don't connect, nor do they have to.
Case in point, TMM and MTM. One's about a road trip to get to Hollywood to become stars, the other's about them being High School (or is it college) students trying to get to Broadway. Now, you could try to connect the films together, using the logic that they may have became stars, but decided to go to college to hone their craft and get formal training only to want to become Broadway stars instead... but then of course you'd have to look past the logic that they were stars and could have easily gotten into Broadway through their fame in the first place. It just works better if you don't, and like GMC, they're just playing themselves in a movie. That's the only canon I see as a constant, that they're a troupe of actors/singers/whatevers and all the movies are just them acting in movies. I rationalize that to say Gonzo isn't an alien.
I'd rather see another direction taken, just as long as it's not another classic retelling. It would be great to see Jason and the rest write and produce the next one, but they don't have to.