I love that late 1930s idea. It feels like something that someone could make incremental progress on, too -- mock out the economic sim aspects in a text interface, and chew off the graphics when you're ready to tackle that.
Absolutely. I'm not an expert but I'd wager that between eccentric airline CEOs, glamorous travellers and upstart aeroplane manufacturers, there's tons of untapped drama and mayhem to be had from the golden age of flight.