Beamdog has talked about BG III being a possibility, but it wouldn't be called The Black Hound. That was the working title for a sequel Black Isle was developing back in 2003.
Eh, to be honest, it sounded a bit lacklusters by short story snippets. BG Saga is done and done for, nostalgia can only make a negative on reception.
Mayb' they could call it Bumdog?
I wouldn't get your hopes up too high for this; instead it probably makes more sense to focus upon the current mystery project at Beamdog which will allegedly cater toward the AD&D and infinity engine fans. Curious to know more on that one as it arises.
Yeah Beamdog have got some quality staff working on that project, like David Gaider and that bloke who quit Bioware when he saw what they were doing with the second Dragon Age (can't remember his name). Definitely a promising project.
No as all development was ceased in 2012. Though Josh Swayer was making it into a NWN2 Campaign, but he stopped all development when he re-joined Obsidian.