It would appear that the game that was to be BG3 (though unrelated to either BG storyline) is being remade by Josh Sawyer as a NWN2 module:

http://www.gamebanshee.com/interviews/theblackhound1.php

I noticed Josh Sawyer thinks Atari currently own the rights to another BG titled game. They could possibly make a decent go at this. ToEE sucked big time with regard to quality and story but the engine seemed sound and the artwork acceptable.

To be fair, TOEE was based on the P&P module. But I agree, that engine was ahead of it's time as far as that went. A BG title on that engine would rock...so long as the story is acceptable.