For those of you unfamiliar with Fallout Tactics, it featured both a singleplayer campaign as a recruit in the Brotherhood of Steel where you completed a series of combat intensive missions, and multiplayer, where you could utilize a squad of fully customizable characters as per the SPECIAL system (race included) as part of a team against an opposing set of players, often with specific objectives to complete, like destroying a target/object, flipping a switch, unlocking a door (or several) and/or hacking a terminal. Characters were restricted in power by point limits; levels cost points, gear cost points, and even your character's race (supermutants cost more relative to humans, dogs were less) cost points. More powerful gear cost more points, less powerful gear cost less. It was a solid system, though the arbitrary values assigned to equipment unfortunately resulted in imbalances, with extremely powerful items (such as high tier combat shotguns and drugs) being underpriced. I am confident Bethesda will not reiterate this mistake should they decide to work on a sequel to this game.
Clearly some things would have to be reworked; VATS must be made to work in real time, the Speech skill might be adjusted to grant enhancing 'auras' or temporary buffs in proportion to its amount, while the process of hacking/lockpicking might need to be simplified or otherwise accelerated as they occur in real-time as examples. In all though, I find that the new system lends itself very much to a multiplayer translation, and should work extremely well with some adjustments.
This all said, I've little doubt that the sentiments of the fallout community at large echo my own; that we all strongly desire the ability to pit our characters against, or in cooperation with each other in some heated, and highly entertaining PvP, or Co-op. Fallout Tactics 2 is the perfect vehicle for making that desire a reality.