How about a LOOM prequel instead of a sequel?
LOOM is an epic tale of catastrophic world-bending events unfolding. But the player receives only patchy information about the story leading up to this climax.
Advantages over sequel: If the prequel is good, then producing the other two games won't be such a big deal -- confidence will already have been built. And if it's bad then no one will really care, because the originally planned remaining 2 LOOM games won't have been produced ... leaving the series open for revival.
Personally I think a prequel would be more interesting than a sequel anyway.