Define "legitimate and licensed"?
Are we talking about Homecoming as a business? Because I'm not sure how to feel about that. I'm not sure it would work in this day and age. For starters, the graphic engine would need a major overhaul (as in, skeletons with enough points to allow layers, and perhaps fingers) and that kind of endeavor always takes several years by itself unless you have an army of code monkeys working day in and day out specifically on that (like Blizzard did with WoW, Anarchy Online tried to do it the "soft way" and they never finished theirs).
Also, you'd need to continue the metaplot roadmap which would require a considerable work of production (Battalion, the Dimensionless, and the True Rikti) while also remembering not neglecting the existing setting elements (as Paragon Studios did during the Praetorian episode, which caused as consequence the "praetorian fatigue"). So you'd also have to add to your production team a full team of writers AND a creative chief coordinating the whole thing not unlike Disney did with the MCU (between parenthesis, aspiring writer here, hint hint). Also, how many among your people know the language Paragon Studios used to make the cut scenes we saw in the late states of the game?
In addition, you'd need to commit to not neglect (and continued development of) the current resources that makes this game unique (namely, Architect Entertaiment and the base editor). Cryptic removed the Foundry from their games and we all know how well they're doing (if they stay in business two more years that will be too many).
Also... both Valiance Online and City of Titans are still a thing to come, which is the main reason why I'm not sure going full business would be the right thing to do.
In any case, I hope and trust you'll make the right choice in the end (whichever that may be).