Once you Revolt, all your Settlers (CdBs, Settlers Wagons, etc) become Colonial Militia, and you can't produce any more Settlers, just Colonial Militias for 100 Food at the Town Center. This happens for all European civilizations.
And, well, they aren't really worth producing... a Guard Musketeer is considerably better, although they are better than Vet. Musketeers. But when you Revolt, creating new units is never a priority, usually you just get your whole army and have your Factories producing Heavy Cannons.
And no, they don't lose HP.
ESO - Walker
>> Napoleonic Era --> Visit their Homepage!
"Holy *****" > Thunder (Ensemble Studios)
Retired from AoE3. But I do play AoK HD in Steam now and then.