Sure. He'll always be famous for the Awesome Film That Was Never Made™. It's really hard to knock all the free drinks and panel appearances he'll get out of that.
Depending on the terms of the settlement, he might even get to keep the studio, allowing him to work on whatever he wants in the future. I don't think that's that great of a victory, but it seems to have been one of Alec's goals from the outset.
I think the studio is a stone around his neck. It's incomplete and there are better rental options around.
And he no longer has funds to finish it.
Let him keep it