Sadly enough... And a lot of places that do represent women manage to sexualize them in the process.
Being American I’m a genetic mongrel. Having been in the game for decades, it’s the fact that they wove minorities into the fluff and then yanked them out for no real reason that I find most annoying.
If they work it in properly it should be profitable... However, it's not going to happen overnight. There is a base of existing gamers that would buy into this idea simply because it’s different and interesting. They already have a solid female army that they could properly support so it shouldn’t be too big of an investment.
While you are correct in that people won’t buy more because the budget doesn’t change you have to allow for product substitution as well. Lower prices could mean more people use their existing gaming budget to purchase GW products vs competitors. I constantly here gamers making the comparison of “what can I get from X or Y with this money…” The only thing preventing a mass exodus of GW customers is that other companies have not managed to capture the same magic with their IP.
Exactly what I'm referring to with product substitution.