I like the idea but not the execution.
1) I don't like the beard. Beards don't make a king.
2) I don't like the crown. He-Man doesn't go-in for ornamental jewelry even in his old age. Give him a Schwarzenegger Conan-style crown that won't fall off if he needs to battle...and I imagine King He-Man does still use his sword from time to time. (See pic below for reference.)
Here are some things I hope they "fix" before production...
1) The head seems way too small for the body.
2) The silver and gold color scheme is too over the top.
I have my own version of "King of Castle Grayskull He-Man" that I'm putting the finishing touches on this week. I will share on my blog soon.