I think in order to make the SwordQuest "story" a truly interesting read, it will need to be changed and/or expanded upon so much it would merely be "inspired by" not a "re-telling".
I think it's because, (key word think... in my opinion of them), if the originals didn't have the DC artwork, or more importantly been part of the games/contest and just sold as a stand alone comic series, they would never have made it past issue 2 I'm willing to bet.
Reading the comic is like a reading a glorified walkthru (rather it would if the game actually followed any sense of logic and not just random item placement, and they obviously couldn't just give away the game's solution with the game, but you see what I'm getting at right?)
There is no real depth to the story or characters.
To re-iterate, unless this is merely "inspired by", and not actually just a re-telling of the same story with modern art and lingo and a few twists here and there so it's not the EXACT same "story", then I can't help but think it's gonna suck.
And once you change it enough, you might as well have a new everything.. while still keeping inspiration...
I could compare it to how Arthur C. Clark's "The Sentinal" became Stanley Kubrick's "2001: A Space Odyssey"; or maybe how Joseph Conrad's "Heart of Darkness" became Coppola's "Apocalypse Now".
By clinging to a franchise I can't help but feel it's like when retro-game makers feel the need to fill their 2-D platformer with pirated SMB spritework. If you truly believe in your game and it's quality, any attractive likable character/sprite will fill the job; you only cling to a well known pop-culture image if you need it to sell the product. IE All the licensed/movie trash from Acclaim of the 8-16 bit era.
But in this case... I guess I certainly can't claim they're clinging to something popular, but clinging to a niche non-the-less...