I think it would easily be successful. Some of the incarnations of existing characters they have come up with have been really cool despite being those characters in name only, PoC Firefly with helmet on, Skydive, RoC Cobra Commander, RoC Ripcord etc. Then you have a few cool characters that get slowly added to the line like Jungle Viper, Shadow Tracker, Cobra Shock Trooper, and the upcoming Hazmat Viper formerly new character Volcano Viper.
I think fans, especially collectors would eat it up. But stores and Hasbro would never go for it without any of the big gun front and center characters. I don't think Hasbro or the retailers are ready to commit to a the line without Duke or Snake Eyes or both in the line up. That doesn't mean the designers aren't up to the challenge. I guarantee you they aren't begging the execs to let them do yet another take on Storm Shadow. The only other downside is the casual toy fan picking up the new character and going

"Who is this guy?!" At that point, you've at least got his attention. That's half the battle.