I just thought of the best licensed game they could make. Make a game in a school with toms of well defined characters, and the game can let you hang out with all of them. Make it take place over a year. Add some dungeons around the school that the heroes have to explore and some mysteries to solve...
Give Atlus the Harry Potter license and tell them to make a Persona clone.
Give Atlus the Harry Potter license and tell them to make a Persona clone.