To be honest, I have often considered something very much like this.. Including a really high-power setting with steampunk levels of technology, using rules from Legends and Lairs' Sorcery and Steam book and the Sword and Sorcery Dragonmech setting, along with other things, such as the Magi-tech devices from Perpetrated Press' Arsenal and Factory books.
The setting would be pretty epic, high-magic and tech-friendly.. Very much like a Final Fantasy world. I'd also include a ton of various races all over the world, including a lot of anthro (or anthro-inspired) races, like the Lupin, the Catfolk, the Kenku, etc, along with classical races like Elves, Dwarves, etc.