I think he meant "Hot Shot". Lugnut, Side Burn, and Lockdown are only 3 of the characters that were added to G1 years later. It started with, I believe, Road Rage and Crosscut in Japan, and Glyph and Tap-Out in the US both in 2002. Since then, we've had a plethora of new retro-G1 characters.
If they have the 4th movie be GeeWun, that would pretty much KILL the franchise in it's tracks! They'd look lazy, they want the masses to see it not a group of 30 somethings longing for their childhood, you don't see them taking Thundercat's and just re-releasing the series pilot in theaters do you? They'd loss millions in the 1st day! Taking a huge step back graphically is called corporate suicide!