Legends of Treasure Island was produced by Filmfair and it had some of the animators for The Dreamstone involved.
It had 2 series. Series 1 in 1993 and the long awaited series 2 in 1995. It only had 1 video release in the UK and one DVD release in the US (featuring some of the series 1 episodes put together as a 80 minute film).
Oh yeah, I think I remember that release here in the US, though I have it as a VHS copy I found once at a video store. Wouldn't mind digging that out for whatever purpose I might have.
I thought it was quite interesting a show though it was never seen in the US at all (much like the failure to release "The Animals of Farthing Wood" I felt deserved better than the horrible VHS compilation featuring redubbed voices including Ralph Macchio as Fox). We Americans missed out on a LOT of fine foreign productions that had been glossed over by an overdose of domestic product.
Actually, it did air in the US, but it was on exclusively on Starz in 1997. I know because I had that channel on DirecTV at the time and the list of shows on Starz' previous shows on the wikipedia confirms it.