I finally tracked down what was up with First Fantasy Campaign on Judges Guild's end:

Per Bob Bledsaw II, before his death his father returned the rights Judges Guild held in First Fantasy Campaign back to Dave Arneson. Dave was working on developing a new, revised edition of First Fantasy Campaign using materials sent to him from the Bledsaws; this apparently was in addition to work on the new 4th Edition Blackmoor. Bob is not sure where things stood with the Revised FFC project at the time of Dave's passing.

"Dave sent me a very nice signed copy of the original FFC for my collection," Bob said. "In it he wrote, 'The greatest treasure may not be the best guarded.' It means even more to me now."

So any future FFC PDF or project would be in the hands of Dave's family now.