There is a market for GI Joe in europe, I grew up with the toys, cartoon, and later the comics (american comics were expensive and difficult to get at the time). As long as they stay away from that US nationaistic crap that keeps poping up in movies these days, it'll do fine in europe.
While the comics did touch 'other' enemies then cobra, the toys and the cartoons really didn't. What was cool (to us) about GI Joe, wasn't that they were 'real american'. It was because Cobra was a cool enemy, they were clearly designated as 'evil', and GI Joe were the good guys, the 'heroes' (that they were american wasn't really important to any kid around here). These days the US nationalism isn't really welcomed in europe, if it apears in a movie or series, it tends to spread fast and generally hurts the reviews, and thus sales.
Destro => Sean Connery
They really need to have a lot of the classic Cobra troops and vehicles, but i expect a lot of new stuff (just to sell a new toy line).