Since it's unlikely that we'll see an official update to this character (and no, a blue Cosmos doesn't count) any time soon I figured I'd make one myself.
The main body is a High Grade Build Divers Core II Gundam (Titans Colors.) The head is from the 30 Minute Missions Customize Heads kit, with a Wave H-Eyes red dome glued in as the visor-eye (since the included eye-piece was green,) and everything's been heavily re-painted.
So far it's just a robot-only Action Master-style figure, but the Core II Gundam does technically transform. However, being a Gundam, its transformation is kind of crap (although it's pretty good by Gundam standards since it doesn't require parts-swapping.) Basically, it scrunches up its arms and legs, attaches a shield to its back and calls that an altmode. I may resort to just painting up the shield and using the default transformation if I can't think of anything better, but I'd rather try for something a bit more self-contained. I've got a bunch of multi-purpose joint pieces from various kits and some parts that could work as vehicle mode kibble, but for right now I'm going to leave it as-is and take a break.