Fun4All weren't done with the keychain figures at all after the initial release of all 4 characters in 1997. In 1998, we were treated to an all new boxed set featuring the original 4 characters once again. All 4 figures were released in a blue box with the GI JOE logo with red, white and blue striping across the box. All 4 figures were visible through the large window packaging, showing the new variant figures.
The back of the box has the same GI JOE logo in red, with the 1960s artwork on the back, with the 4 characters in a large graphic. They're in the same order and poses as the original boxed versions.
The Soldier is now dressed in an all green uniform with a white belt, black boots and a yellow MP Helmet. The webbing straps and grenades aren't even painted. It's the exact same as the previous version and shares all the same things, the backpack plug and cheap, fragile plastic.
The pilot is in the Original Action Team blue repaint, though there are some differences between this and the Hasbro version. The AIR VEST insignia is a black square and the helmet is painted gold, rather than white. Exactly the same otherwise as the previous orange keychain version.
The Marine is an all new repaint, this time in a desert themed attire. His paint scheme is that of a 1991 Kuwait/Desert storm uniform in all over tan with brown and black splotches. The boots are a slightly darker tan. The undershirt and belt are not painted. He shares everything with the previous release.
The final figure in the set is the Sailor, in his bright orange Rescue suit, sharing the paint scheme with the Original Action Team figure. The knife handle is painted in silver this time round, but otherwise is exactly the same as the standard retail release.
I couldn't seem to find this set on the secondary market, so I don't know how rare or collectible this set is, even with the repaints of the Marine and Soldier. I think the repaints of those figures make it a unique set and if you do find it, might be worth picking up as something different.