Well, they made a Genesis on a chip for a couple or 4 TV games units. I could see a Hudson-sponsored TV game using a TG on a chip. Just thing.
Hudson Shooter Classics (Blazing Lazers, Super Star Soldier, Soldier Blade, and a couple others)
Super Video Pinball (Devil's, Alien, Time Cruise)
Include 4 - 6 quality titles and asking $20 - $30 wouldn't be so unreasonable, IMO. I guess the real drawback is that the Genesis models didn't do all that well and the WII VC is nipping that entire trend in the bud.
Hell, except for SF2, none of the hucards used any crazy memory managers. I could see a TGoaC being used to create a cheap retro-portable. The most expensive part would probably be the screen. Of course, it would cost money to engineer the TGoaC and reduce power consumption. But without worrying about memory mappers it would be helluva easy to take existing TG-16 games and rerelease them on a cheaply manufactured storage medium.
I know, I know, pipe dreams that aren't worth it. Still, it gives me pause.