I'm not sure there's a lot to be gained from using the specific "Police Quest" IP. I suppose if King's Quest does phenomenally well and other Sierra series are relaunched this way, it would be a viable candidate. But I don't think it has the nostalgia appeal that Sierra's other franchises have, and someone could create a good, solid police adventure without using that slightly awkward name. (Are the Police really Questing, or just doing their jobs?)
On the other hand, I'd rather see Police Quest 5 than Blue Force II. And Telltale definitely prefers to work with established IPs instead of marketing from scratch, so who knows?