I'm not sure I understand what you mean by 'future generations'.
There are a few things to keep in mind with large enclosures:
- Will the chameleon receive adequate UVB exposure? You have to remember that the UVB flourescent tubes only penetrate to a maximum depth of about 18 inches, and are only practically useful at about 12 inches. An alternative is to use mercury vapor bulbs and other types, but they have usually cause excessive heat build up.
This is one of the main reasons why free-ranging chameleons is usually avoided: it becomes difficult to ensure they are getting enough UVB.
- Will the chameleon be able to find it's food? This shouldn't be a problem for adult chameleons, but one of the main reasons that large cages are not used for baby chameleons is that they may struggle to find/hunt their food in large enclosures. So if by 'future generations' you mean that you will put the chameleon's offspring into the cage, then rather get a smaller cage for babies/juveniles, and only move them into the large one when they're old enough.
- Is the cage planted well enough? In my opinion, if you don't plant the cage densely, then the all the additional space of a large enclosure is wasted since the chameleon probably won't use it. So make sure it is full of plants/foliage.
- Can you control the humidity in the cage? In a really large enclosure, it becomes even more difficult to maintain humidity in the cage. This can be dealt with by using lots of live plants, and the use of automated misting, humidifiers, etc.
- Cleaning. The bigger the cage, the more there is to clean. Make sure it doesn't become too laborious.
Having said all that, I don't think 3'x4'x4' is excessively large. As long as you can manage the husbandry on that scale, it will probably be a great enclosure for your Veiled. If you have the space for it, why not make the cage a bit higher, rather than wider? The chameleon would probably enjoy the extra climbing space (just remember to provide access for the cham within the range of the UVB bulbs).