Possibly. But Mike has the time consuming writing process to think of where Opeth is concerned. Axe doesn't. My guess is that once Opeth have finished the touring cycle for GR (probably after the UK tour with Paradise Lost), THEN we might hear more word from Bloodbath. You know, once Axe has a bunch of spare time on his hands.
If Mike can go and do this project with Steven Wilson and Mike Portnoy, and Per can continue with Spiritual Beggars, I see no reason why Axe can't do Bloodbath.