Process technology is very important. It is hard to overcome process gap in architecture. To stay in leading position, Alpha should be produced at least at similar or better process than other near future architectures.
Alpha system architecture is also known for good compilers. However, with huge investment in compilers technology induced by IA-64 architecture and overall shift to more sophisticated compiler technology could eliminate any Alpha system architecture advantage.
For unleashing more parallelism, it is needed to reduce length of dependency chains and broke long instruction dependency chains. Immediate operand merging described for x86 architecture is very important. Transforming on-the-fly move conditional based code into predicated could significantly reduce dependency chains. Using stack caching in registers can unleash more parallelism across subprogram call boundaries, by reducing store-load from critical path.
Because instruction set architecture is lacking support for efficient Boolean expression trees high reduction, doing this type of transformation on the fly by hardware will be costly, but more than welcomed.
I think, that even 8-issue architecture implementation will be very complex, but using code-transformation techniques could be extracted reasonable performance gains. Two threads per CPU support could be some insurance for the case, that code transformation techniques, compilers and applications will not live up to expectation for this wide architecture implementation.
From my point of view, it is unlikely, that Alpha architecture should be effectively scaled beyond 8-issue implementations. However, performance of 8-issue implementation could be dramatically boosted by instruction set extensions, rather that going for wider implementation.
Another very interesting approach could be chosen in combination with multi-threading - creating ultra pipelined high-frequency implementation. While single-thread performance will be not dramatically penalized, throughput could be increased dramatically. However, logic, circuit design, layout and other engineering factor makes this task extremely uneasy.