I´ve always been fascinated about this character, because is a great unknown, but have great possibilities. I see him like a "future He-man" that lives in a world where Skeletor is the overlord of Eternia.
Talking about a possible release, a Dare figure can be based on the standard He-man body and fits ok? Anyway, he must include Craven, his bird pet.
Other fact is that "He-Ro" is already the name of "the Wizard most powerful in the Universe" so you can suggest new names for the character. Because he is a future He-man, "He-Rald" fits to me, in order to continue the "He" tradition, but more suggestions are welcome.