It would appear that the urge to use the simple Traveller-style RPG system for a more . . . fantastical setting is common. Witness this thread over on RPG.net. These intrepid souls are using the Mongoose Traveller implementation for their base system.
Things haven't gotten too deep as yet, but they've got a focus and are getting things done.
So, in the immortal words of Doc Grognard, "...and three of us makes conspiracy!".