I'll tell you, I've been contemplating this since early 2005, but it seems very unlikely after all I've learned. Even if we get past the Viacom issue, I think they also need to sign release papers to put the episodes on DVD. I may be wrong, but I think Renegade once told me that that would call for all the participants on the show to sign a release paper, including those who never past the moat.
12 kids per episod multiplied by the 120 episodes produced= 1440 kids.
Of course, even if I'm wrong about all of that, Nick never seemd that enthusiastic about bringing Legends back.
So, in conclusion, it is VERY unlikely. I'm sorry, take it from me, we would all love for it to happen, but honestly, it's not likely.