My word isn't by any means official, but I think this question was asked at least once at the last Gloranthacon and the unequivocal response from many luminaries was, at the very least, "Issaries will never do that".
Now, I don't know what Issaries' opinion would be about licensing the HeroQuest game engine for use by a third party to produce a game for a different setting.
Because of HQ's nature, I'm pretty sure all that you'd need at bare minimum to adapt it to other settings would be 2-page spreads for the various basic Cultural, Occupation, and Magic Keywords in use for the new setting. Some tweaks would probably need putting in place for adapting the way magic/religion works in the new setting, but the bulk of the system is pretty setting neutral when you come right down to it.
As fan-created efforts on some web-site somewhere, I can't see that Issaries would object too much, as such things would still likely encourage purchase of the HQ rulebook, but Issaries has, of course, the final word on that.
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Viktor Haag : Software & Information Design : Research In Motion
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