Yeah a 28mm game using period accurate figures could be awesome, by my reckoning there 24 giants, 30 ogres, 20 trolls, 180 cavalry 60 foot troops, 3 dragons and about 20 characters to do it full-size. I think Foundry do some of the Perrys 1970s Citadel Historicals that could be used for the humans. The scenario also lends itself to a kind of skirmish warband size thing, and as there are set objectives it could even be ran as a tournament (shock!) although I think to get the best out of Reaper it needs to be played as a mass battle game. There are certainly lots of possibilities beyond just archeogaming it by-the-book!
I'm pretty sure there was only one print run, not only the complete scarcity of Fungoid Trolls in the marketplace (not discounting that someone has a box of hundreds of them in a storage dungeon somewhere) -but that Reaper got no other support. Laserburn got a whole bunch of supplements and still has something of a playerbase and is still in print, and I'm guessing that is because it was commercially viable to do so, wheras Reaper didn't sell, possibly due to the success of Warhammer and people just doing Fantasy with Ancients rules like WRG.