I just finished playing DoTT, and yeah, I it seems logical that if TT were to do another LucasArts franchise after Sam & Max and Monkey Island, it would be Tentacle. In fact, it was rumoured almost a year or so ago, but we've heard nothing since. Unfortunately, though, since the Adventure game loving president of LA has left now, it's up to the new president (not yet chosen) if Telltale gets to do anymore games based on theirs.
But yeah, I'd love an episodic DoTT series. Especially since presumabley Denny Delk would be able to return as Purple Tentacle (and Green, and Hoagie) given that he reprised Murray's voice in TMI with no problems. And I assume his relationship with Telltale is good.
EDIT: Also, this makes me want a DOTT reboot!!!
Be it episodes or a Special Edition. I know it's already fully voiced and still fairly good visuals, but out of all the classic talkies, if there are any I'd like to be remade it would be Tentacle. It seems like the logical choice.