The set seems to be a rip-off of both DFC’s Dragonriders of the Styx (1981) and Miner’s Dragon Crest/Mysterious Castle (1982) Playsets. HG also made a Sword & Sorcery Castle Mountain Playset, which looks as flimsy as it is massive. The base set first appeared in 1982. Here are both sets in the 1984 HG catalog.
HG had a Sword & Sorcery line that included weapon sets—very similar to Placo’s 1984 AD&D weapon sets. The Power Bow is listed as a new item in the catalog, so it’s possible HG beat Placo to the market. Neither line sold well.
It’s hard to believe HG managed to trademark the name “Sword and Sorcery,” a phrase coined in 1961 by Fritz Leiber to describe Robert E. Howard’s Conan stories and the genre they spawned.
(Catalog images via Parry Game Preserve)
2 Warps to Neptune 
Greetings,
HG also produced a small 50 piece version of the Sword and Sorcery Playset. This one does not have the dragon that the two bigger sets included. It is interesting that the dragon came in either one-headed or three-headed versions, with the three-headed version being the same one that they used in their Godzilla VS the Tricephelon Monster Playset.
Thank you,
Joseph