I seriously doubt that. Though I do see the designs sharing a lot of cues -- the "squidhead", thruster-hands, the way the torso splits, the placement of the wings/tailfins, the VTOL fan. Hell, I bought him preciesly because he was so Thrust-like. Though it seems like the designer didn't have him in mind.
Yeah, Strangly enough Dreadwing gets a black redeco in Overcast, which seems to be the closest thing to him looking like Armada Squidhead.
The fact that Dreadwing's feet transform into a weird pod module (which is the weakest part of the figure) makes it clear that it's not a retool of Armada Thrust.
Yeah, And even though it has similarities to Armada Thrust, it's not really a retooling considering alot of factors. Like how their robot and vehicle modes look nothing like each other. Also, if it was a retool, wouldn't there be obvious signs of the parts of the original mold still found in there? Also, did anyone make a size comparison between the two molds? It might help us clear this out.