Absolutely!
When I was first starting WW1WF, I was planning on making it a downloadable set of offline missions that you would play in a sequence and I would kinda simulate this and give you promotions and medals at each mission briefing as you went. Some missions in the sequence would be you getting challenged to a duel by one of the aces! Just because I had so much fun playing the original RB!
The part I really liked was the joining a squad and moving with them as the war progressed with the roster changing as people came in/left/were killed. New aircraft coming in on both sides as you went, eventually being able to choose your plane/skin. So much replayability...
Sadly I doubt it'd be profitable. I don't think there are that many people who'd go for it these days.
Wiley.