Should they? Yes, I'd love it if that was economically viable and GW maintained a strong player base and got regular expansions.
Will it happen? No. A few reasons.
1. ArenaNet doesn't want to even try that. Even if they did think it might work, their own famous laziness would stop them from doing anything with the idea.
2. Because GW2 is the sequel, it'll make people always inclined to play it rather than GW1. If they were under different names/settings or basically not under the same series continuity, it would be possible to maintain two player bases. But not if it's a series. People don't like playing the older games, mostly. Especially not online.
3. Probably not economically viable, for reason #2., and because of staff workload.
Quote:
Originally Posted by Longasc
They should focus on making sure that GW2 lives up to the VERY high expectations people have.
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1. They will not fulfill the expectations of the naive.
2. They will meet the expectations of the jaded (much of guru, myself included) but these expectations are so low that they could release a game like daikatana or starcraft and we'd just nod and say, "told you so."