Considering the current amount of players I guess the most important would be attracting new ones. Someone said that people have a bad associations with product name. Some certainly, but looking through younger players (those who were teenagers when game was launched) they have no relation, maybe heard the title but were not affected by it. I'd rather say that there can be far more bad associations with the company than the product ...
I still think Conan could attract the new players. Fix the bugs, improve (or in fact create any) communication with playerbase, do something with current f2p model (sorry but its not really attractive, I never understood why so many lower tier instances are locked - example can be Black Castle).
I just dont see the need to start from a scratch. Product still has a potential, just needs some competent and dedicated developers.