You pretty much described my homebrew. Map of Europe with modern political boundries and natural landmarks. I mine history for names. Keep some of the national flavor but otherwise the history, nations, and people may be modeled somewhat off the real world but are my own creations. There may be quivilents of the Trojan war, and the Roman empire, but they are not fantasy versions of same and although it has modern political boundries, it is closer to the 1200's as far as history would go.
For the most part, most of the adventuring begins in and around what would be Austria and the Balkins which most people are familiar with enough to get confused especially since I make sure to keep the game world separate and quite different from the real world except as a resource for maps, names and raw ideas. I really don't want people to think that I believe that Czechs are modeled best by elves, Swiss by dwarves, Serbians by hobgoblins, and Russians by orcs and goblins.