There was quite some interest in the Micro Machines models back when X-Wing was in its infancy and not every well know ship had been represented. most scale pretty well.
I have quite a fleet of Micro Machines Trade Federation ships myself, for which I'm (slowly) creating all required cards, upgrades etc.
Be warned though; the Micro Machines ships are all of a bendy/bendier plastic than the FFG ships, and lack the required bases and cards, obviously. Also, the detail is a lot less and things like guns etc, are neccesarily thicker.
However; just recently, FFG has released packs with extra bases, so it should be possible to use the MM ships with those bases, and all X-Wing ships come with multiple pilot cards and base inserts, so you should be good to go.
It would certainly be a cheap way of expanding a fleet...