Bringing back the Python is something I’d love to see, but would it sell today? It appears that a lot of people these days are going for 1911s, Glocks, Springfield XDs and the like. A lot of Tacticool.
Same with the Peacemaker.
If Colt wanted to do something different, design a die-hard piston driven AR, then let others make it cheaply under license. It would create a common platform for the Piston AR crowd taking the proprietary systems out of the picture. Ruger, Adams Arms, Osprey, H&K, Sig Sauer all proprietary. It would take sales from the larger companies, and possibly the smaller ones too. DPMS, and Bushmaster seem to be thoroughly reviled on the interwebs these days, and a lot of “Tier 1” fan boys out there would not buy a piston set-up from those manufacturers. Colt still has a name, people WILL buy based on that alone. There are lot of diehard 6920 fans out there, who swear by their Colts. There would still be source of common piston parts on the market, and people would also buy from Colt, or upgrade to Colt made parts.
IF (and that’s a huge “IF”) Colt were to make the Python to the same level of quality it displayed in say, the mid 60’s to the mid-70’s, and they brought back the Royal Blue finish, then yes, they’d sell.
But, here’s the kicker: That level of quality in a revolver is going to cost some serious money - as in $2K and up.
I have both an auto .45 and a .45 single action Ruger. I like them both, I think there’s a market for both.
I’ve built several ARs with piston kits from various sources. The SOprey Defense is the best choice, with the least parts to fail, is darn near self cleaning, and works like a sewing machine ... approx. 2500 rounds through one I built on a 14 inch flash pinned gun.
Personally I don't want a piston driven rifle. It solves one problem and creates worse problems. That being said I wouldn't buy another plastic pistol either but that doesn't mean there isn't a market for them. They could carve out a niche with a piston rifle.
I think if they made a spec rifle (piston or GI) with the quality Colt is known for, at a competitive price, they would have a winner.