It might. Very interesting thought. I believe there are some treaty issues involved, because they were given to the Koreans to start with.
There’s a bunch of reasons that’s up in the air, even without the law...it’s not clear whether they are Lend-Lease arms not paid for (as opposed to cash-and-carry arms), the Koreans want a mint for them, and the CMP turned them down because the Army won’t pay for the return of obsolete arms.
I’d like to see some surplus M1911s come back myself....