The problem there was that the Basic D&D line was an entirely separate product line -- Basic Set, Expert Set, etc. -- with its own rules, which were not compatible with the larger Advanced D&D line.Everyone hoping for a product exactly like the old Red Box is perhaps forgetting that the whole reason they dropped the BD&D line was the market fragmentation that occured from having it and AD&D alongside each other.
If the Basic Set had simply provided a subset of the Advanced D&D rules -- four races, four classes, three levels of spells, etc. -- it would have worked just as well without fragmenting the audience at all.