The answer to this one is PROBABLY no. I suspect that the watered-down story was meant to appeal to children, and since the Bionicle team likely (again, we're not sure of this, could be the other way around) had to make the case to the higher-ups that their story would sell to kids, they had to do a reboot as the best way to make that case.
A continuation would have a weaker case to appeal to the higher-ups and grimmer marketing projections. And since they were the ones that canceled it, I seriously doubt the whole thing.