This has been proposed before. The answer was as close to a "no" as Chuck ever gives. We got KISS and Ozzy mates back in the day, and there was some quiet talk about Johnny Cash, but it went down in a burnin' ring of fire. After that it has been pretty much a "We're not looking into that at this time."
To be fair though, Music is so personal and eclectic that it would be incredibly difficult to make a toy line out of. I can almost guarantee that I don't listen to any of the same music as you, and if I do hear a top 40 song in the store that I like, I don't have a clue who it would be. They wouldn't be able to make their money back.
Try Funko POP though. This seems right up their line.