It would be a great undertaking. A collaborative project could only work under very strong direction. Personally, I think it could be done, but the only games I've "made" so far are examples out of a book, so I think I'll let my skills grow for a few years
. If I were to have a kickstarter, It'd be years into a production. I wouldn't want to present a game I wasn't sure I could finish, and that'd have to be after figuring out the core of the entire game, with any funding raised perhaps aimed at raising the production values to higher standards. Again, nothing serious is planned, but I do wonder if starting with a flexible engine could make remaking assets in greater quality
after the majority of a game's production is viable. If so, it would be pretty convenient to start barebones and work from there. Start with polished N64 graphics, and aim to increase the graphics after nailing the gameplay prototypes. Hmm... I wish I could start now X|.