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One other thing I noticed yesterday is that being knocked down is a bit less of a death sentence than in Song of Blades, etc. Yes, there's a +2 bonus to your foes, and standing up is more difficult if there are many foes around you. But as far as I can see, your destiny roll (i.e. your save) isn't affected by being knocked down. So heroic characters can last much longer, even if they can't stand up. And that's before we get to hero points.
...That made me think that Thud & Blunder might work really well as a straight rules-lite RPG. If you have a character with (say) 3 hero points, you're going to be able to survive a fair while on average - although that survival will never be guaranteed (one well-placed kobold dart could still kill you). Because equipment has so much of an effect on fighting (armour especially, but also weapons), there's a nice 'tooling up' aspect that would make the acquisition of gear a good objective in its own right. And there's plenty of room for incremental creep in character improvement. Perhaps starting characters could get +4 to spread between FV, SV and speed and the choice of one or two traits. And the fumble rules already give you a Black Hack-style 'usage die' for arrows, etc. You could then either add one hero point per starting character or take a Dungeon Crawl Classics approach and allow each player to start with three or so characters, with any survivors gaining a hero point or two. Worth a go, I reckon!