I could imagine a new generation at the same school. I'd like to see more of same style of humor and setting as well, and maybe more diverse choices concerning the factions and characters?
They had a sort of approval system in Bully, but it followed the progression of the story rather than any choices you made. Then again, maybe it was better to stay structured in that respect.
Witty Name Here said:
I'd love to see a "Bully 2", it was genuinely fun... Though I imagine in this day and age we'll have the moral guardians screaming "SCHOOL SHOOTER SIMULATOR! SCHOOL SHOOTER SIMULATOR!" despite death and other dark themes never really being part of the game. As others have said, yes, it'll need to maintain it's bright tone.
Plenty of games are accused of that regardless of theme, but if Rockstar didn't stop making GTA I wouldn't think they'd be deterred here.