Interesting idea... but why can't they re-imagine the 747 with two engines (compare the 777 engines to that of the 747) or perhaps 3 engines, bringing back one in the tail?
There's something to be said for two decks, and I think an even longer 777 is just too long, even if it only adds 4 more rows.
I posted a picture of the B747-400 test bed a few weeks back which showed it with one of the new B777 test engines mounted on it.

The difference is quite stark.
For a one-off required dedicated test plane they have spent enormous sums specially modifying the wings with extra reinforcing (spars, cross spars etc) as well as reinforcing the box joints for the wing/fuselage.
This piece gives you some idea of what's required just for the 747-8 stretch
Boeing Joins 747-8 Wing Box to Center Section | Aerospace News ...
www.ainonline.com/aviation-news/.../boeing-joins-747-8-
wing-
box-center-section
Jun 29, 2009 - Boeing announced today that it has joined the first
747-8's
wing box to the airplane's 40-foot-long center fuselage section in the final assembly ...
For one engine per wing they would have to completely redesign:
- the wing (inside and out) including the engine placement being moved from the existing mounting positions
- the undercarriage - making it longer to provide ground clearance. Remember those photos show the plane with only a serviceable fuel load, no passengers no cargo.
- the undercarriage housing and hydraulics.
- the Wing Box (which is a very long section of the entire fuselage
- Emergency exit locations
and that's just for a start.
Begins to sound like not much different to a totally new aircraft.
Given the 747-8 demise effectively 80% due to the B777 and 20% A380 IMHO - financially it could never stack up.
Boeing basically have said you can have a 4 engine B747-8 or
a 2 engine redesigned B747-7 otherwise known as the B777.