I feel like it was worth a shot, but sometimes you miss the goal whatever your intentions. If other people like it, good for them, and I hope it led or leads them to the real juice inside the pages.
Why did they pick something established? Honestly, they have no clue what to do with the money. Someone comes in with a pitch and they sell it or they flub out. If they sell it and get greenlit, then everyone hopes the audience buys. Actual original stuff is a complete crap shoot. Meanwhile, I bet established stuff gets pitches and not greenlit all the time. One of the biggest differences is people 'inside' with an interest.
And passion. Belief. Corny as it sounds. LoTR, rejected by multiple studios, was considered a massive risk for Shaye and New Line, and Jackson's pitch might've been last ditch... for 2 movies... then Shaye was like 'make it a trilogy.' Ballsy. Then they went all out/all in for Cannes with 2 mil dropped like it was a premiere and Kablooey, the rest is history.
Meanwhile, I don't know about this show's nitty gritty of development... but, ah... Red Eagle sitting on rights for aeons... who sued Harriet... who Mr. Jordan had some er, colorful things to say about their character... yeah. How they were involved in pitching it and all I haven't a clue, but I doubt it would blow anyone's mind, shall we say.