It would clash with the current state of the lore, since the Black Legion is in existence during the time of Eternal Crusade, so, definitely not going to happen, I'd say. However, Legion XVI itself was not fully destroyed during the Horus Heresy, as some weren't present on Isstvan III when the betrayal occured. Iacton Qruze is supposedly the sole survivor, who reverted to his Luna Wolves colors. So, technically, there still could be a chance at revival for the Luna Wolves.
If it were to happen, a new Chapter would be made, with no record of from whom it got it's Geneseed from, and with completely different colours and name.
A very good example. EDIT: Well, they did not have fully different colour scheme compared to the Pre-heresy TS, but their name, and not to mention the differing shoulderpads make them certainly distant from their heritage... if they are even descendants of loyalist TS.
Only lore way to do it right now would be to play as a Black Shield in the Deathwatch. But then, no one would know you were one of the Luna Wolves, and we'd have to get Deathwatch first.
That's a difficult choice... all offer different roles and customizations possibilities iron hands: veichles specialists / cybernetic implants white scars: bikes specialists / Mongols bitc**s raven guard: jump packs and infiltration (where the blood angels are jump and assault) / beakies and black armour imperial fists: siege specialists / DOOOOOOOOORN!!! but my vote goes to the salamanders: flamers and meltas everywhere / dragon skin cloaks their quest to find vulkan's artifacts gives a proper motivation to go in the underworld and they're the broest of all marines
Yeaaah Salamanders are leading woot. Not that it matters since its just a poll and nothing official but still.. Keep the votes coming brothers.. And (please allow me a harmless stereotype) just imagine all these cool basketball games we'll can have in the break time between planet changes with the black guys in the green armor