Yeah, it's amazing how everything can be found out there on the internet, and then you stumble upon something where there is zero commentary. It's like you should get a prize for your discovery :) So I had to go onto my own expedition into the wilderness on that one. If I remember correctly it's no big deal to reinstate a patent if it has lapsed for a few years - just pay the penalty, no questions asked. If it lapsed for more than 5 or so years, a written explanation is required. I did "shop it around" among licensing agents without reinstating it, and they all turned it down. Although I didn't find any of them very communicative about their decision making process, still it seemed like the lapse was only a small factor in their decision to decline, and they gave the product an evaluation on its own merits, as if it never lapsed. But that's just my impression, nobody clearly said that to me.
So, from my experience, I would say have a quick conversation with your patent attorney and confirm that you can likely reinstate the patent, then contact licensing agents, letting them know you can, and whether they would take on the project of shopping it around. I found most of the agents I talked to helpful, if a bit terse in their communication. Good luck. If you got further questions, feel free to ask.
