Interesting thoughts. The micro four-thirds sensor imaging area (13.0×17.3 mm) is almost identical to the 110 frame area (13×17 mm), according to Wikipedia:
110 film - Wikipedia, the free encyclopedia Four Thirds System - Wikipedia, the free encyclopedia.
Of course, there is the minor matter of getting the other electronics, not to mention the batteries, into a fairly small body, even by today's standards. Nonetheless, such a project would beat all the other camera makers to the punch, presuming someone in marketing didn't squash the whole idea before it had a chance.
Which brings me to another question, sort of related to this one: whatever happened to the notion of "digital film" ie having a sensor plus associated electronics etc that could be dropped into an existing 35mm camera?