The original trilogy lampooned the spy franchise, especially James Bond.
In some ways it was well-handled, especially the first two.
If another is being developed, they are better off finding updated movies to lampoon. And not revel in nostalgia.
For example, Indiana Jones 4: The Quest for Big Profit, had the writers doing more to copy old movie scenes than to actually do something new, much less think of why the characters are redoing old scenes. There are a number of reviews that really trash this movie - rightly so - as being derivative, with little thought put into the movie, rendering it a waste of time and money for all involved. Especially the movie going audience, who have less money than ever and for a zillion reasons not related to this topic. I wouldn't spend $10 for a ticket plus $20 for junk food just to see a lazy retread that profiteers of its own past while doing nothing new. Taking real risks doesn't always work, but I'm far more inclined to forgive because they tried. Just ripping off one's own past is a glorious insult...
So, what can Austin IV do that tries something new that doesn't rip off its current legacy, while remaining true to the feel of the franchise since "Austin Powers" is its own brand... (yes, I could mention the 2009 "Star Trek" movie that does something new but, apart from trademarked names and visuals, is nothing like anything that is true to the franchise and felt like a bunch of set pieces from the old Trek movies thrown in, complete with 4th wall breaking references... it's another nostalgia exploitative piece... its sequel had better pony up the goods or else the cast will end up no better than a group of lame copycat wannabes. Except this isn't a piece of fan production fluff, it's an actual big screen product. Scary... seriously...)
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