IMHO
Where is the 'differentiation' necessary for survival? If Gf concedes the top end (as it has) has been lost to likes of QR, EK and EY, then why not go for all-economy? If it's making it's money in cargo, why not revive the Gulf Traveler model (which was profitable, as I understand it). Certainly it would work with MNL etc. where there is absolutely no one paying for a front seat anyway. In my experience, lots of the pax (almost all) are transits on BKKs etc to Europe (in particular Paris), other ME destinations (Dammam etc) - and vice versa. Why not play to your strengths?
I really think that all-economy is the only niche left for GF. The regional 'thing' is all sown up and a revenue decreasing exercise anyway.