All this talk of old Colt designs...
I would imagine that if there was such a market for these pistols and revolvers than somebody else would already be a making them. I can't imagine that Colt's patents on these old designs are still in effect.
Colt makes 1911's, AR15's and SAA revolvers...and those are three extremely popular handgun designs among civilian shooters. The 1911 and AR15 in particular are probably the most popular auto pistol and most popular rifle in the United States today.
I've come to understand that Colt will never win with the consumers much like S&W will never win with the consumers.
The reason is that they have to compete with their past as well as the other companies like Glock, SIG, etc.
You have a great divide of Colt "fans". Those that want nothing more than Colt from the 1940's with a line-up consisting of nothing but blued steel, walnut, DA revolvers, SAA's, 1911's and 1903's and 08's.
Then you have the Colt fans that want anyting BUT "more of the same". A small .38 Special and .380 ACP pocket pistol for CCW, a new auto pistol design to compete for military and police contracts, a new rifle designs to replace the M16/M4, etc. etc.
If they introduce new handguns designs like a polymer frame hi-cap 9mm people will complain and say "Why don't they just bring back *Insert classic model name here* instead of producing a Glock clone like everyone else?".
And if they bring back the Python, Diamondback, Anaconda, Mustang, etc. people will complain and say "Ugg...more "replica" models like they did with the Series 70 and Delta Elite.....When will Colt introduce a NEW model!?!"
BTW: Colt is already planning to introduce a new auto pistol in January 2010 known as the Colt Tactical Pistol