I tried doing that on RPi 3, but the IO seemed not up to the job -- the CPU appeared to be just about tolerable, but using micro SD as a disk was too slow and prone to failure (I'd have tried an external USB disk but I believe the problems were in part because of poor I/O bandwidth). Other single board machines seemed to have better provision for disks that are up to the task I had in mind, but lack software support, so that I had little confidence in security updates, for example.
If somebody sold this I think they'd have my money tomorrow:
* An ARM mini-PC
* With a decent security update team behind it (probably the hard part?)
* That will let me run some basics: for me, a Unixy OS with Chrome/Chromium, emacs, ledger and python, without a big effort to install those and keep them up to date
* Ideally without too much anti-commodification BS (from my customer perspective) so that hardware can be swapped out if needed
Does anything like that exist?