I recently bought the "Mad About You Collection" and there was a flier in there advertising other Columbia/Tristar releases. Next to the "Party of Five Season 1" pic there is a caption reading "Party of Five Season 2 Coming Soon". That's a little hopeful.
We'll have to wait for the Season 3 release for the episodes dealing with Bailey's alcoholism. The episode you're referring to is ep 3.19 "Point of No Return". The episode after that is "The Intervention". IMO, the best of the series.