To me it seems like a no brainer to remake AFM as a test repro title, the BOM can't be THAT much compared to other desirable repro candidates (e.g. it could be ~ half to 75% that of Monster Bash... less parts, easier to assemble).
You are also now able to cut costs on some items like the transformer by using LED's and the Color DMD platform for the display.
Even if this rumor is not true, people are apparently remaking these games for their own use. I would buy an AFM kit and assemble it myself, if the price was vaguely reasonable.