I always imagined this would get a movie instead, but no. Chris Miller and Phil Lord are producing a pilot for TV. This time around, the teacher works in an inner-city school and is named Isaac, so I guess it's conceivable this could be in continuity, since the original series ended with a spin-off where a woman got Ralph's super-suit.
The old series is fun, but a lot of it is badly dated, particularly in its frequent use and re-use of stock footage. What is also dated - sadly - is that the show was extraordinarily politically evenhanded: hippy-dippy liberal teacher Ralph and raving rightie gun-nut Bill were equally mocked and extolled, and they always had to work together to solve the issues. Somehow I imagine that's less likely than Ralph to truly fly today.
But give me a Lonely Island faux-hip-hop cover of the classic theme and I might be won over. Now...would you rather see the show do spandex, or rubber nipples?