I don't think a nineties brand has any relevance in this age. There's no benefit to owning the archives, all you're really paying for are the rights to the name.
You could use it to launch a GameFan website, and try to compete with GameSpot et al. But other than the name, what do you have? Do you really think that the magazine still carries any goodwill among gamers?
If you're going to enter the magazine industry, it's going to be hard. American games magazines are a total embarrassment, pamphlets and PR, they've been this way for a while. I don't know why the UK model of low circulation, high quality magazines isn't accepted in the states. I'm guessing because if you ran a high quality games mag, and kept it lower circulation, you wouldn't get any of the advertisers.
I would not invest $600,000 for GameFan.