A couple of years back, right before the release of Sonic & SEGA All-Stars racing, old-school SEGA fans found out that 'ToeJam & Earl' wouldn't be making it in that game as playable characters due to rights issues with the property (SEGA thought they owned the IP, but Greg Johnson's HumaNature Studios actually owns it). We also found out that Greg Johnson pitched a new ToeJam & Earl game to several publishers, but none were interested.
So instead of him pitching it to publishers, how about pitching it to the fans through Kickstarter? Shadowrun creator Jordan Weisman was successful with his Kickstarter campaign within only 28 hours. There are far more SEGA fans out in the wild than there are Shadowrun fans; be it through Sega-16, NightsintoDreams.com, Sonic Stadium, whathaveyou, so the odds of the campaign being successful is quite high. Plus, I'm sure HumaNature Studios isn't doing anything at the moment.
So to those of you who have access to his contact information, tell him about it!
Now if we could only get Chris Seavor to do a Kickstarter with Conker...