This is entirely tentative, because I'm not entirely sure of whether or not I have the time to sustain a game, but I'm hopeful.
My notion is to run a straight historical game (that means no magic, no monsters, no non-humans, etc) using a heavily hacked ACKS (possibly with support from Guns of War). I've done this before very successfully (see Tyche's Favourites (http://wiki.rpg.net/index.php/Tyche%27s_Favourites)) in a different historical era, and I don't see any reason why it shouldn't work here too. Characters would be 3rd level, probably with a 1st level and Normal Man retinue for a troupe-style thing.
I'm currently musing on the Dutch Revolt (http://en.wikipedia.org/wiki/Dutch_Revolt), and thus the Seven Provinces during it's tumult against Habsburg Spain as a setting. The PCs might be a mercenary company, or partisan band, or a noble and his retinue. Female PCs are allowed; this was the sort of conflict where everyone was pulled into the fighting, so being female doesn't mean you must be a non-combatant by default.
Would this interest anyone?
I'd do it. But on what lines are we drawn? Netherlands, Belgium, or Luxembourg? Protestant v. Catholic? Loyalists to Hapsburgs or Upset w/ Excess Taxation on trade partners? Support centralization v. favor guild & city holder offices?
If we were a collection of enfeoffed knights who retain influence in a share of trade cities, that'd be interesting. As would ecclesiastical rebellion at Hapsburg centralization at the expense of our favored landed archbishop. Exactly how intertwined and enmeshed into setting are you willing to offer.
Where are our boundary lines and how tied into us being non-PvP are you?
Apart from the questions by the previous poster, how do we deal with the fact that in a couple levels characters aren't likely to be threatened by a less than half a dozen conscripts? I've always found that to be the biggest issue with similar mechanics:).
Other than that, historical games always gain my tentative interest;).