I think it would be a bold move for 343i to bring flood back, since Halo 3 clearly 'finished that fight'.
Although it would be an interesting theory for some Spartan Ops or Firefight stuff, Forerunners having kept some specimens on a yet undiscovered Halo installation.
Bringing it back to the main story line would just focus the games on the flood all over again, since everybody (Humans, Covenant, Forerunners) know that they are the worst
enemy of all.
I say no more flood, and no more damn Library.