Well, they're doing the new album first. They've said that themselves.
Dio is touring in the Summer, so there'll be no recording then. Which means the album won't be started until the Autumn/Winter. And I don't expect them to knock it out quickly either! Dio is also planning to record his record this year.
Pretty sure Dio has himself said there won't be any H&H touring until 2009 with the new album, but I'm not about to go searching for the quote