The crazy thing about that 1/35 toy is it looks done... Not like a faked mock up. I hope it see a release.
As to HG, the only original stuff they have are Sentinels and Shadow Chronicles bad guy designs for the most part, not really something with writing home about. They are screwed, their fan base demands the old stuff so they are afraid to stray and they don't have the funds to hire talent that can lead then forward. A live action movie is about the only way they could break free of the trap they're in.