Oh, he's awesome. No doubt there. But I've been rooting for someone a little more "out of their zone." I love the NOFX and MXPX albums Bill has done, but it's not what I would wish for a Blink album.
This is what my thoughts are too. Especially if they are trying to rekindle the sound of their Untitled album. I just can't see Bill Stevenson doing experimental things in the studio. But maybe it would be an awesome mix of Blink wanting to do those things, and Bill restraining them a bit and making them more cohesive.
Either way, I think having a producer is the right way to go.