JBJ, I don't know if the Gallup family has been approached about a sig model. I do know efforts are being made in other directions.
As important as Gallup is as an influence, and as crazy good a player, I don't know that he would be seen as someone who could draw buyers. His name recognition among the general guitar public is all but nil, and it would take a sustained program of education to explain him.
Those who know him and his work already know what guitar he played, and as Pappy suggests, that guitar is already available in the line.
The DL Falcon is an attempt to mine the present rather than the past – and, more importantly, is a different guitar than anything else in the line. The combination of factors justified it. I don't think that by releasing it FMIC/Gretsch was taking a position on the relative worthiness of the two players, as your original post suggested.
My post was just intended to make the point that it's not as easy as just "putting out a model," which I know you understand.
I should have added that it's a lot easier to make a deal with a current living artist who's enthusiastic about the concept than with the estate of a guy who stopped playing publicly at a fairly young age, who finished out his years as Director of Maintenance for a school system – and whose widow wanted no mention of his 30-years-past music career in his obit.
I'm in no way denigrating Gallup – he was an amazing player, easily my favorite early "rockabilly" Gretschslinger, an innovator, and a guy who brought the Dynasonic Jet front and center in rock & roll.
But for all practical purposes, his model is already available.
The acid test for me when I wish Gretsch would build something is: if they made this guitar, would I actually buy one?