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Licensing issues are made somewhat moot by the original post which shows that whatever they are, they were solved by Sideshow already. If they've obviously got licensing for a statue, it seems overwhelmingly likely the rights could include SSC doing a figure, or getting the current license expanded to include a figure. If SSC don't want to make a 1/6 figure let's hope that SSC don't have all other formats locked up and P/TBL could negotiate a concurrent one. If I remember correctly a lot of the Heavy Metal film ongoing licensing mess was music rights so that wouldn't directly affect the character.
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In terms of licensing that Sideshow obtained, it depends on the different "formats" the licensing agreement covers (i.e. PFs, statues, figures, scale of the figures, etc.) of which none of us knows (that I'm aware of).
MAM is correct that much of the licensing and rights issues pertaining to the film dealt with music licensing rights that prevented the film from being properly released on VHS, DVD, etc. for many years until a real effort was made to get all the legal entanglements regarding the music rights situated.
As for why no real worthwhile collectibles based on the film . . . when Kevin Eastman acquired the IP/license for Heavy Metal he and/or his company had no interest in dealing with anyone for licensing. Believe it or not. Really. They honestly didn't want to deal with the supposed business and legal hassles of working with any business/brand to do some specific merchandising.
I guess that changed now with Sideshow's announcement.
I really hope Sideshow doesn't have the right to produce a 1:6 Taarna. Really. I hope to God they don't. If they want to do right (or as close as possible to right), then at least contact PHICEN/TBL, but I suspect those @$$holes from ER will be involved if they're still involved with PHICEN/TBL and involved with new licensing/IPs.
If PHICEN/TBL somehow managed to get the license to do a 1:6 Taarna, then better also reach out to Richard Corben and ask about Den (i.e. he would be ideal for the PHICEN/TBL male muscular body).