Love the Christopher Walken idea. Wow!
But I do take issue with the idea that Labyrinth left no room for a sequel. Different teenager, different Goblin King (or Queen - Cyndi Lauper would be my choice
See Labyrinth2 thread.) and there you have it. There was much to that world to explore that went untapped. I see a lot of potential, but the original film didn't do well at the box office.
Fantasy pictures seldom make money. They are a hard sell. That and thief pictures. My several years in film school taught me that. Yeah, there are exceptions, and no real absolute, but on average I have found it to be true. The only sure-fire (eventual) money makers are horror flicks and "blue movies"
. They have a great shelf life. People always want to be scared and titillated. (Can't believe I actually used that word. LOL! They will usually recoup their cost faster than another genre of film that doesn't initially perform at the box office. But that is film history now. With more expensive special effects, the rules have probably changed.