I would actually like that. Its never been done with this franchise. Have Bond go out with a bang in one final high stakes mission and legitimately kill the character at the end. Have the character buried beside Madeleine. Then take a 5 - 6 year break and bring in a new actor.
Although that would probably feed the fan theory that Bond is just a codename.
Whilst that fan theory is interesting (and I've read it numerous times), I've never quite understood how people could get behind it. It means that Bond is essentially just a codename applied to multiple people, which means in turns that we must accept they
all have similar characteristics - driven, charming, cold, stubborn, deadly, etc - and are all orphans, all went to boarding school, all have essentially identical motivations, all went through similar experiences, etc. Because that's how Bond has always had his background presented.
It's an interesting concept in that you could change certain things about Bond from film to film to suit the actor (which they have kinda done anyway, regardless) and feasibly explain it because it's a different person behind the 007 codename. It would allow more character depth and the ability to explore new angles in future. With 50yrs+ of films, one could argue that we've explored Bond as much as possible already.
However, with that said, I think it's too much of a stretch for Bond to be a succession of extremely similar people. As someone in the audience, I find it easier just to accept that Bond is one character who doesn't really age from generation to generation (though he may age slightly between any particular series of films) in a never-ending stream of movies, and he's played by a succession of different actors. And hopefully each actor will bring enough new ability and nuance to the role to make the character remain interesting to us.