Well... I sure have a soft spot in my heart for Colt. I think with enough capital to initially work with, they could do great things.
First, they need someone high up in either the quality department or customer service to be on the 1911forum as strongly as the presence of Dan Wesson and Springfield.
Next, they need to offer a near Kimber-like variety of sizes, materials, finishes including boron carbide and hard chrome option on all handguns.
They should offer more guns in 10mm, 9x23 and 38 Super.
They definately need more consumer-oriented products rather than hoping for to take away government contracts from Bushmaster.
I'd try to bring in two or three lesser known yet top notch smiths to be the 'custom shop'.
For new products, I'd take the AR market up a notch or two. Bring back revolvers at a reasonable cost. Come out with a good poly gun along the lines a Glock/XD/SIG Pro and produce it in 9mm, 40, 357SIG, 45ACP, 45GAP and 10mm. I'd try to get a couple well-known guys in on the development.
I'd also look into the possibility of building as economicly as possible semi auto grease guns, Tommy guns etc... and pretty much everything used during WWI and WWII. Not sure how overwhelming that would be.
I don't know that I would be able to make money for the company, but since I own it, I dont really need to, right? And I could sure offer some pretty spiffy guns that would create a buzz on the 1911forum.
And I agree with pignock... I'd actively campaign in every state that is resistant to the gun industry. I'd have a division set up specifically to ensure that low income folks could protect their homes and families all the way up to donating so many guns each month. Might have to buy or go in with Hi Point for this.
Every major bill that came up, I'd have people there fighting and doing what they can to talk to voters on the streets, public access, whatever!