Closest thing I can think of right now is that the SS86 Arcee was a modified T30 Arcee.I'd totally be good with a SS86 Megatron that turned into a cannon/Howitzer. It would also fit with the upgrade that Galvatron got to be a space cannon of sorts. Though a G1 Megs with tires on him might seem a tad odd.
Is there any precedent for Studio Series taking an existing mold from another line and just putting into it's own? I suppose Sunstreaker could be a first, but I would hope for a bit of a re-do.