they did make action figures for Blade, Karg, & Saurod.. they were new minions of Skeletor.. the only regular henchmen in the movie were Evil-Lyn and Beastman.. no Tri-Klops, Trap-Jaw, Whiplash, Merman.. or any of the ones we knew from the cartoon.. and Karg in particular was just a stupid character
there was also one new good guy, Gwildor.. sort of an Orko replacement for the movie, since they didn't have the budget for a flying character.. in fact the Director, David O'Dell (who got his start as a writer on
The Muppet Show), had to spend money from his own pocket to film the final scene..
the movie was such a flop that the planned sequel, in which Skeletor was to have been a cyborg was made into a Jean-Claude Van Damme movie instead
EDIT: ok, I did some checking and Karg never actually had an action figure, but the other three new characters did