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I'dve gone for a PC that was an evolution of the Mega Drive hardware myself. Of course, that lacks the coolness of being IBM-clone compatible.
Still, it would've been cool to see a 128kb VDP, expanded CRAM, 15-bit RGB DACs, onboard SEGA CD, and some kind of a 256 colour framebuffer mode alongside the normal VDP. As well as the usual CPU upgrades.
A man can dream. :D
Japan loved to mix tech and try and cross/upsell stuff it seems like. The LaserActive and the Car Marty are more good examples of things that are combinations of two things that didn't really need it, but wound up making it through design and release.
To be fair the LaserActive wasn't new, Pioneer seemed to have been doing that stuff for quite a while (case in point: there's a SG-1000 module for one of their TVs).