Heh,I'm just finding out that Galoob had huge toy line ready to go for The Last Star Fighter but canned it at the last minute when the movie flopped.
By 1984 people were just burned out on space opera movies (just like they'll get sick of superheroe movies,just you wait) and its damn shame because I would've at least bought that Gunstar ship and the Xur figure.
Also from 1984 there were big plans to have a full toyline based off alien invasion yarn V.
Honestly,I never liked V (or any of its remakes) but I'm surprised that this one was never released. Consider in comparison that just a few years earlier someone thought it was a good idea to release toys based off a TV miniseries adaptation from 1979 of Ray Bradbury's The Martian Chronicles: