Sure.
The single post on MXTrax gives nothing to go on, so I'm going with the "most likely to be viable" option.
If the idea is being driven by an enthusiast in Czecho, then sure, they may choose to keep it in Czecho. I assume labour and real estate in Czecho are cheap, but if it was to be made in any of the 'Western Bloc' countries, it would be considerably more expensive than getting it done in China...
It's also possible that (some of) the old tooling still exists, in which case that would be a big bonus in making it viable.
In terms of people placing value on the country of origin: Regardless of what anyone says, they don't really care when they're presented with the product. Everyone prefers to buy locally, everyone prefers to buy from not-China - but if the quality is there at the right price, everyone suddenly forgets their patriotism...
It's really a question of economy of scale - if its a slight step up in what Starec has been doing for years, then that's cool, but it hardly rates a mention, IMO.
But if its a proper production run, and consequent reduction in price, then that's worth getting excited about.