No, not the Palladium Fantasy game, which I have and love. But something more like an OSR game. All wizards and fighters and thieves and such. Maybe have the various fantasy races (elves, goblins, etc) all coming from Rifts. Some are helpful, some are evil. Splugorth can still hang out as one of the big bads, though. They are a fantastic race.
It's kind of surprising someone hasn't done this. It would be hard to have the same feel without robots and cyborgs and other hi-tech stuff, but I think it would be doable. More ruins, less standard fantasy areas.
Actually, having one or two races using golems extensively (similar to the Asura in Guild Wars 2) would be kind of cool, but keep it limited to them. Not everyone should have one.