I completely agree with OZDigger — to successfully revive a good or even great toy soldier brand, you need demand, talent, and, I would add, money and the use of new technologies.
Under Two Flags, in my opinion, will never make a comeback, no matter what you do. Their sculpting was poor at the time and even worse by 2025 standards. Len gave Under Two Flags a boost through his choice of genres, creativity, and ability to create a fully developed, operational TS ranges. These ideas later found further development in his Trophy venture. However, even Len's early sets were very close in style to UTF figures and attract little to no demand in today’s market.
Trophy truly gained momentum when Len started working with a new sculptor, producing sets for Trophy of Texas and later through the Elite Series and Dragon Crest productions. These sets remain in high demand, and I believe they will continue to be for a long time.
As for reviving the Trophy brand or producing fan-made copies, many have tried — and in my view, all have failed. Regal of New Zealand came close, but lacked the talent to create playable ranges, and the slightly larger scale did no favors for Trophy collectors.
Ken Jackson, who had gold in his hands — meaning the original molds — chose instead to develop his own range. It wasn’t bad, but the Trophy specials I’ve seen do not come close in paint quality to the originals, even when using the same molds. Citadel Academy figures is a good example.
Mike from the Little Legion did a great job continuing Len's legacy with his new ranges and specials. But his sculpting style is different, and I wouldn’t group them with Trophy figures (though I know Martin completely disagrees with me). Even his Trophy recasts don’t have the original Trophy charm.
Just my two cents.