No, The toys would have went maybe a few waves, but without the promotion by Filmation....it would have died soon after. Sorry, but Comics alone would not have been enough to sustain the toys, I mean Transformers had more to offer than the simple waist snapping He-Man and even they would likely have fallen off, if not for the G1 cartoon.
I for one would have never gotten into He-Man if not for the Filmation cartoon, and I know for a fact I am not alone, despite what all the Filmation detractors think. And most of my friends that played with He-Man, knew of He-Man from the cartoon, not the comics, not the toys, none of us were big comic fans at all, a couple of my friends were, but the majority of us, I remember clearly, did not care for comics, and learned of MOTU only once Prince Adam donned the pink tights. I saw commercials, sure, but nothing caught my eye until I realized there was a story on my TV that made me even remotely care about MOTU, otherwise they were just another whatever toy I would have forgotten about in time.
So in short....I do not believe MOTU would have been anything past a few waves of toys if they stayed with the barbarian theme alone.