I think Stabbey has my kind of thinking; what he has said since my last post pretty much sums it up what I personally think will happen in Divinity3. You will play as the divine one with the excuse that he has been in limbo for 50 years which has weakened him etc etc. Although the game will be top down view it does not mean that the DK from Divinity 2 can't be in the game - Dragons can walk as well as fly.
Anyway a top down view of him / her taking out enemy buildings etc wouldn't look out of place. The leveling issue is like Raze said is irrelevant; he would be just weaker.
A new character would complicate the story I think. But I could be wrong.
