Hasbro could take one figure and change the name and sell it in Spencer Gifts/Hot topic under a different brand, and get mo money.
Not the best plan. You run the risk of alienating the adult fanbase by splitting off products that are obviously intended for them, implying that they should be cordoned away from the rest of the franchise. Also, lessening potential sales of the rest of your product because it exists in two different locations. You see, there are less adult fans than children, but adults buy much more. The second that collectors hear that Wave 3 has hit stores in their area, they will drive down to Wal-Mart, buy all the new things introduced in that wave, and maybe check back every few weeks if there were shortpacked toys. There's also the issue with creating brand confusion.
Hasbro has created lines aimed at collectors before like the Transformer Alternators, but they were always sold beside other toys from the same franchise. Alternators themselves didn't do so well, but it was more due to a lack of mold variety at the line's launch creating shelves clogged with the same one or two products that everyone already had. And to be frank, I can't really see how you would do the Alternator treatment with MLP.