could have worked. Plenty of properties to choose from, even back then. Solo heroes, teams. Obviously the cable world wasn't really an option then, it was all about syndication if you didn't have a network partner.
Odd, in retrospect that Marvel Productions (The TV production group) was partner with Hasbro/Sunbow for developing the GI Joe Cartoon, as well as Marvel NY publishing the comics, but it took Mattel to approach Marvel about producing a toy line based on Marvel's own characters-- a line that was scant compared to Hasbro's GI Joe Line or Kenner's Super Powers figures.
Especially if the Toei animation group were contracted, a Secret Wars mini series (remember GI Joe started off as a couple of mini series, too) could have been very cool.