I had this idea a while ago. Except, the basic idea was to have the general world fleshed out, and to use the various D&D rules to represent the different "ages" of the campaign world. The PCs would play a few sessions in each system - with each system representing it's own period of time. The sessions would connect to form a narrative arc (one involving a dragon - natch), with the final PCs (the 4e guys) being descendants of those previous heroes, or otherwise connected. Magic items would be connected to those previous heroes, for sure.
The OD&D was going to be this time of tiny city-states and high lethality, where humans were just beginning to emerge as the dominant race.
BECMI was an age of exploration and heroes, in a Greek sort of way, with the non-human races beginning to retreat into isolation.
1e was a time of collapse, as the empire that had emerged in the last era was beginning to crumble, and humanity became more isolationist.
2e was a time where a new empire was beginning, and the various non-human races were beginning to reestablish themselves.
3e was an age where that second great empire had become decadent and spread out over the world, with many previously unseen races walking the streets of even provincial capitals.
4e, of course, was after this second empire had fallen, and new threats poured out of a ruin-covered countryside.