Since the game is not copyrighted (except for certain assets with brands&logos L&P is using illegally), nobody has to wait for any rights to create or continue their own AWAM if they wanted to (see Pixil's fan project).
That said, if I had everything you mentioned, I'd likely contact one of the developers around here who I know are capable of creating similar quality of art and ask them if they'd be interested in continuing the project while I'm getting a small percentage of the profits from Patreon. Small percentage because I'd be doing jackshit all. I'd also want to be in charge of said Patreon incase the hired artist turns out to be L&P 2.0 in regards to their character and development processes. If that was the case, I'd likely tell my Patrons that it's game over, thank them for their continuous support, scrap everything and blame the artist for the projects downfall, at which point this L&P 2.0 would likely continue on their own using the assets I provided them with.
That would bring us back to where we are right now, so I say fuck it. Full circle!