Sure would be a boost for the company if he did. Of course, he probably has no connection to the compnay other than the name...and Titleist has a much bigger bankroll and tour level equipment.
Armour has tour quality irons, Silver Scot blades, so I don't think that's the problem. It is the economics I am sure, Armour has been struggling, a lot of it is I think is them being bought and sold repeatedly to non-golf companies, so there is no stability.
I would like to see one of the big guys should buy them and run them like Taylor Made with Maxfli, Callaway with Ben Hogan/Top-Flite, Titleist with Cobra/Pinnacle. I think of Armour as being in the same market with companies like Wilson Staff and MacGregor - much better than what you would get with a department store or 'house' brand, but much less expensive than your Callaways, Pings and Taylor Mades. Armour 845 irons are some of the best selling irons ever made and are very, very good (not that I'm biased of course).
What would really be nice, if Tommy continues to struggle, is to see him join the company and try to bring it back to the prominence it once had. The original 845's were and still are one of the best irons out there for a mid to low handicap player that doesn't want to play blades or forged C.B's.