I can understand why they want to keep the membership to four but they've really split the Mr Fantastic character into two (Mr. Terrific and Plastic Man) forcing them to drop the Human Torch. I'd've gone for Firestorm as a fifth character ...

***

With great respect, Eric, I'm not sure I'd agree with that. The rest of your list, though, yes. 

Well, not exactly of course, but a big green guy with super-strength?  At least the visuals (or energy) were there.  (Compare Larsen's version of the Hulk when he guest-starred in SPIDER-MAN or in the DEFENDERS revival--not many people draw the Hulk with a tiny waist!)

I always thought that Savage Dragon was more of a "mixture" of various characters.

Not that I can be sure 100%.

Someone did suggest the Abomination. That could have been an inspiration, I guess. 

And Todd McFarlane liked drawing a red, white, and blue, full-face-masked guy on top of rooftops with grey stuff (webs) shooting out at all angles at Marvel with Spider-Man, so he did something (visually) similar (chains replacing webs) at Image.

And Pitt is fairly obvious, and so are the teams.

Obviously, they knew what they liked to draw, and they went (mostly) totally different ways with the storylines.  There's nothing really wrong with that.  However, seeing ALL of them do the same kind of "homage" (Lee and Silvestri's studio was even CALLED "Homage" for gosh sake!) all at the same time under one banner was maybe a bit much.  I bet the suits at Marvel were eating their ties for a while there.

I didn't know there'd been a studio called HOMAGE.

And as an artist, I guess your perspective counts a lot here.

The LEGION OF SUPER-HEROES configuration A
Brainiac 5

Phantom Girl

Blok

Sun Boy

Stone Boy

Wildfire

The tweaked TERRIFICS configuration

Metamorpho
Mercury (or one of the other Metal Men)

Power Girl 

Firestorm (Prof. Stein is the team genius)

The DOOM PATROL with a twist configuration

Robot Man

Elastic-Girl

Negative Man

The Atom (team genius and, since the others are like 50's monster movie characters, Ray Palmer could be tweaked to be more like "The Incredible Shrinking Man")

The suped-up CHALLENGERS OF THE UNKNOWN configuration

(Just go all the way and give the original Challs super-powers)

Rocky (becomes rock man--duh)

Prof. (becomes super-genius, maybe Machine Man-type cyborg "stretching")

Ace (gets flight, maybe air powers)

Red (well, fire might be too obvious, maybe heat vision--something red)

The FREEDOM FIGHTERS (another FF!) configuration

Phantom Lady (with her 70's power of intangibility)

Human Bomb (the whole Ben Grimm isolation)

The Ray

Plastic Man