I've been playing with some concept sketches along these lines today.
The aim will be to get the character and team generation rules onto a single sheet of paper, all the basic rules for session play onto a single side of a sheet, and all the rules for trading with the merchant and upgrading the character on the other side of the page. The character sheet will take half a page, with the remainder filled out using 4 henchmen stat blocks each basically taking up an eighth of a page (where most character will have at most 2-3 henchmen).
The basic idea behind the numbers derives from the Confrontation miniatures game, where damage rolls roll 2 dice. The lower of the two dice determines the location of the hit, while the higher of the two dice determines the damage. To add a bit of depth to the system I'm using a d10 rather than a d6, and I'm splitting up the left and right on both the the arms and the legs, where each segment of the body may have a different type of armour on it.
The general system of the game has players allocating values of 8,7,6,5,4, and 3 across the six elements. The six elements determine the most common base scores in the game, and then there are also derived scores which are determined using the lower value of two elements.
Races, cultures, and classes will have a range of elements which will have to be allocated high (6,7,8) or low (3,4,5), a few skills commonly associated with them (most skills cost 2 points from the available "water" elemental pool, but these associated skills would only cost 1), some races might have automatic skills too (where trolls might be "large", goblins might be "small", skeletons might be immune to piercing weapons, etc.). Culture and classes might get discounts on starting equipment packages.
There's still a lot of work to do on this one, but I hope o get it in a testable form before the next EttinCon.