This is a pretty good idea, Arkane would most likely do a very good job with it
And Redguard was an excellent game, besides the technical issues.
It would also give us a properly scaled impression of the Imperial City, it's really much too small in TES4 to be the capital of the Empire.
With a decent stealth system it could be something about the DB or Thieves Guild, by far the best guilds over all in the series. The only problem would be the population, a full-scale IC would need a lot of NPCs, but personally I'd be ok with a hub-based system like Dishonored.
Come to think of it, this sounds like a weird mix between TES and Thief. brb, re-installing Thief 2.
yes exactly with the red guard thing it would just be the size of skyrim or some thing like i said before and the city would be half the size or at the least 1/3 the size of the skyrim map and the rest would be the island around the IC and probably the lake going all the way to the shore maybe to that town or village thing right before you get to the bridge go to the IC.
It worked in Assassins Creed 1, so I'm all for a game set in the IC (or some other city) with surrounding farmlands.