Throughout my long game running career, I have done much the same, though not in quite so literal a manner. For example, for the Death on the Treklant series oif adventures. I took a simple and calssic plot hook, rescue the beautiful princess, and churned a massive plot around that simple quest.
I hold to my belief that many fairly tales and such contain the germs of some very fundemental human explorations of self and one's place in society (as well as offering lessons on how to behave in society). To take these fairly tales and myths and re-expolore them in a game context can, I ardently believe, add depth of meaning to one's game.
Give it a whirl. Pick a classic and turn it into a new and more magical adventure. One not about the loot, but about the theme.
My two cents and worthless advice.