If one wants to, one can play a perfectly 'straight' game of Britsh v French, circa 1890, in a scrubland setting (let's say, in the Sudan or something) that never actually happened, but could have.
One could also play exactly the same game, but instead of calling it 'in the Sudan or something', one could call it 'in south-western Atlantis or something'.
If the idea is that the imperial powers of the day are scrambling for Atlantis in the same way they scrambled for Africa, then I figure that many colonial wargamers may be up for that; after all, the basis for any imperialist expansion comes down to infantry, cavalry and ships. Even in VSF, the walkers, flyers, robots, brass monkeys and whatnot are the icing on the cake. The cake itself is still blokes with rifles and moustaches, and the Dear Old Queen, Gawd Bless 'er.