Punny had three movies and not a single one did good. The '89 Dolph Lundgren method went straight to video and didn't get a theatrical run. LionsGate made a terrible move of putting Frank against Kill Bill Vol.2 & Man on Fire with Denzel a week later in 04.
Then War Zone came out in 2008 in december and one could argue that releasing a violent movie like this in december around the holidays was a bad move, but not having an obvious fan-favorite (TJ) in the role and the bad handling of the source material did not help either.
Getting Jane back could get a lot of fans back but if Marvel ever decides to do another movie a few things have to be addressed.
1. R-Rated simply doesn't make money. Sure you have exceptions to the rule like Prometheus. But Prometheus had an A-List cast with a big name director. Punisher can get it, but it will cost and punisher unfortunately won't warrant the cost. So it has to go PG-13 to put asses in seats. The current Batman movies, Matt Damon's Bourne movies, and Daniel Craig's Bond films show you can have great action/violence with a PG-13 rating. Plus it's more effective as it causes audiences to use their imagination which is worse than what actually is.
2. Tom Jane doesn't like the superheroes, Marvel wants to do the cinematic equivalent of their comics which entails interaction with supers. Marvel calls the shots so Jane can't pull that, "This isn't the character, this is the character ****". If Jane can play well with others and not do an Edward Norton and let marvel do their thing then let it ride.
3. If Marvel decides to go the route of Hulk and cast another actor, they need to get someone who is unknown and surround them with affordable big names. That way the actor can make the role their own and can stand out ala Hemsworth. Or get a recognizable face that can draw a crowd but isn't that big like Christopher Meloni or anyone else.
If all of that falls into place there's something Frank has yet to have: a franchise. But Marvel has since given the rights to Fox to make a TV show. So who knows if anything will come from that. Comcbookmovie.com recently posted an interview from Collider with Marvel Co-President Louis D'Esposito who discussed Ant-Man, doing three films a year instead of two, and the possibility of Marvel doing an R-Rated movie someday.
http://collider.com/louis-desposito-item-47-ant-man-interview/181138/
"16:21 Talks about the possibility of doing smaller characters in smaller budget films that could be rated R. He says they discuss it, but to get through all the noise of all the other films that are released they have to spend a lot of money. If they’re spending that money, they’re gonna want to spend it on a tentpole film".
Basically, they only care about the movies they know can make money and Punisher, Blade, Moon Knight, etc. are at the bottom of the list.