Yes! Someone on reddit had the fix. Here is what worked for me:
"Just to be certain I scrapped everything again and downloaded another fresh copy of Island Rum. This time I manually created the applications\CoH folder, then ran island Rum for the "first" time. It downloaded everything as expected but this time worked and logged in without issue."
I did this and it worked perfect for me as well.
Island Rum dowloaded and installed, shows ready to play. Click on the play button and green checkmark appears and says launching Homecoming 64-bit but then nothing happens and it goes back to ready to play. Running 10.15.2 Catalina