Even if someone made OS4 to run on that machine, would you really like such a low spec OS4 machine?
One of the reasons the Amiga 1200 didn't became more popular was because of the fact that Commodore still did sell lower spec ECS amigas at the same time as the Amiga 1200.
If developers are to develop for such a machine, there will probably be a lot of programs/games out not using the full potential of the faster A1.
People not knowing the Amiga that good will see this low end machine, and will never geting interested in the Amiga of that reason.
And about the price it's still not cheaper than a x86 machine anyway, and would of that reason not be able to sell any bigger numbers anyway as an AOS 4 machine.
But as an SetTop box, for internet, DVD's, MP3's and maybe simple videoediting, it could be interesting.