Would be fair only if...
Archers need to manage their arrows/quivers
Swords can get rusty and need sharpening after some chopping, etc.
Also add obligation to eat and drink for characters...
I don't know... I think it is both interesting but not gamer friendly...
Make it an option for hardcore maybe?
Yes, it would make a great optional mode for those of us who find resource management and survival fun and immersive. Separate from the combat and/or permadeath difficulty slider, though, as each of these options caters to a different subset of players.
