Toy Guru did another new video on Wonder Bread He-Man. While I believe he solved the mystery, I don't buy his assertions that it's not a Conan figure.
His evidence as to the origin of Wonder Bread He-Man
>He found 2 separate letters in Mattel's archives-- one from a parent saying the figure came in a buy 3 get 1 free mail-in offer stating that she was upset that the figure was a repaint with no accessories, and an internal letter from Mattel in which they state that the offer for the free figure was vague and they should discontinue this special repaint figure.>He also offers that the Mail-Away He-Man had random weapons which were any two of the weapons that came in the Man-E-Faces Man-E-Weapons offer, and says that the reason why Man-E-Faces was offered in a release with the extra weapons was because Mattel had a surplus of them to get rid of after discontinuing the mail-in figure.As to his insistence that it wasn't Conan, or that there was no connection between the Conan property and He-Man, it sort of falls into the realm of "dude trust me" and not fact, and always seems to strain credibility when he tries to deny that He-Man had any connection with Conan or Blackstar. I don't know why he dismisses it like he does, but he never dismisses it in a credible manner, saying things like how the Power Sword isn't a rip-off of Blackstar, because He-Man was technically in production as a concept since the late 70's-- the he neglects to mention that He-Man in the early concepts used an axe, not a sword and the Power Sword was an after thought with the line initially.
https://www.youtube.com/watch?v=ah4KAUdJV6Y 