But they didn't design it; they rather licensed something made in Asia from well-known specs. It certainly can't be too hard to design a portable Coleco, but then you'd have to pay for not only the hardware redesign but also the PCB layout - and why do that when you can just license something on the cheap? If you play your cards right, you can find some fly-by-night company and give them a pittance for their formerly illegal activities
You can click the pictures to make them bigger - the label says "OP101-COLECO" on the top line, then "-N?? 0608C*" or something. It does look like a flash memory chip, but you'll have a hell of a time desoldering it...
Anyway, to the product in question, I say NO, even if it is well built. *goes to play some Aleste or Alex Kidd in Shinobi World*