See, the only way I think this movie could be an actual sequel to the first movie is if it revisits characters or locations from the first movie, something the rest of the fiction hasn't done. In terms of characters, there are really only two: Dutch and Anna. If Schwarzenegger is unavailable or uninterested, that only leaves Anna. But perhaps there is another character from the first film that could be utilized: Jim Hopper. It's assumed Jungle Hunter kills him, but we don't know that for sure. Maybe he's still out there somewhere? The obvious location to be returned to would be Val Verde, perhaps to finally find Jungle Hunter's ship?