I'd like to do one but ICE wouldn't approve what I'd want to do as it would essentially be a new version of Rolemaster.
Nor should they because a lite product should be able to use expansion materials from other books without modification. I can only build a SPAMlite that is 100% expandable with existing books by actually using the RMSS system and trimming the number of professions, races (I'd do simpler races too, the SPAM races are too busy for a lite game), and skills. ICE doesn't want to go that route because they feel a lite game should be simpler than RMSS and by extension SPAM is.
Tim has told me repeatedly that he doesn't think any sort of a simplified RMSS is possible and after years of screwing around with it I agree. It's already plenty simple.
Another problem is that ICE is stretched pretty thin as is at present. And Spacemaster Privateers is pretty clearly not one of their priorities. Doubtless this relates to sales. If they were all taking home a million a year due to Spacemaster sales this would probably change. Of course, with no new Spacemaster product it never gets the new product boost either, I don't know how well the datanets did.
Spacemaster support would also compete with HARP SF which is due later this year and ICE's pretty heavily invested in it.
I know, it's not the same thing. I have a few half finished SPAM things on my harddrive but really I've lost interest and faith.