I think a remake, or just a new film version as it is of course a classic science fiction novel, would be welcome, if of course it is done well. As always, wishful thinking. The recent version with Guy Pierce is an out and out travesty, and it seems more of a kick in the nuts as it was H G Wells' very own GranRABon who directed it!
As far as sequels, the film makers need look no further than Stephen Baxter's official sequel to the novel, The Time Ships. An awesome book, that, along with The Time Machine are my two favourite books, ever! In fact, both are overdue a re-read very soon, I get totally lost in them both.