I have spent a bit of time thinking about this one. I also find BASIC a great way to quickly throw ideas together without having to worry about complex syntax and "advanced" concepts like OOP, and then spend ages trauling through make files and linker scripts...
I liked the way Blitz2 worked.
I have found that using SLD in C takes all the sting out of it and makes using C as simple as Basic... This has make me think about building a simple Blitz Basic 2 compatible(ish) interpretor and use SDL as my Direct Media system. It wouldn't be very fast (or not as fast as possible is compiled), but it would be a quick and fun way try out new ideas.
If it was popular then I would think about building a compiler... Probably just a frontend to gcc:
BASIC--->C+SDL--->ASM--->EXE