While that would be cool, I'm thinking that from an engineering or screen-accuracy point of view, it wouldn't be much of a leap to go from the original toy to a Masterpiece for season 2-3 Beast Wars characters, since the character models were already very toy-accurate and the toys themselves were very articulated.
I see Masterpiece toys as revisiting classic characters and giving them the benefit of updated engineering for better proportions or screen-accuracy. G1 characters definitely benefit, and season 1 Beast Wars characters are clearly benefiting from a screen-accuracy viewpoint. I'm just not so sure about season 2-3 characters - maybe some extra articulation?
I'm not saying it won't or shouldn't be done, I'm just wondering about the 'benefits' for those characters.