A true sequel to DMC2. No prequel.
A Nero-only game with a story that centers around Nero or mostly Nero while Dante is doing God-knows-what-in-hell.
Reason why......I think Nero has the material to carry a game on his own if they greatly and I mean greatly improves his mechanics without having to resort to using any Dante gameplay mechanics if so make them different or to suit Nero's combat....make a Nero a unique yet equally if not better character to use.
Hire Grasshopper Manufacturer to co-develop the game along side Capcom Development Team 4 (that is the one that makes DMC games right?). Its possible they did work with Capcom to make killer7 and they did co-develop the game.
Have Suda and Shinji assist in the game's story using the classical, clever story telling elements of No More Heroes (Suda) & God Hand (Shinji) but mix them with DMC's story writers to create a perfect blend of stylish action (DMC), highly hilarious scenes and humor (Suda & God Hand), clever moments (Suda), interesting/creative plot/writing (Suda), heroic and fun adventures (DMC), deep emotional and moral conflicts (Suda), and unique characterization (Suda & Shinji).
As for gameplay, they (Grasshopper) must use the MT Framework engine and they're only assisting and is mainly ideas and character designs to a certain limit but should have wide freedom with the story, ideas, characters, and even the soundtrack (No More Heroes have a great soundtrack).
Here is how my DMC5 dream team functions:
Hideaki Itsuno (the experience, has the most experience with DMC & action titles, his team is the better development team....no offense Grasshopper, and the brain behind the core gameplay)
Goichi Suda (the creative mind, knows how to pack a game with a lot of content he can literally help format the DMC old method of content better, master at references and he can probably make a beast new costume for Nero and even pack them with a sh*t load of alternate costumes that is a huge reference to DMC, DmC, & other video game and even anime franchises....like say an alternate Ichigo costume....I mean if Lollipop Chainsaw has references to Kill Bill & High School of the Dead it'll be possible, plus he is mainly in charge of the story since he can tell a damn good and yet interesting story with very colorful and creative characters and character development with great symbolism......No More Heroes, plus Suda's games always have great 1 on 1 boss battles)
Shinji Mikami (in charge of the first DMC game he can share his experience with this game to take DMC5 back to its roots in a way, plus Vanquish giant boss fights could be a great addition to DMC5, and he made God Hand......DMC could use some ideas/inspiration from that game too)