yes to the "Raven Rock" esque quest of building a settlement. However, there should be no governing of it.
Sure people use the "Go play teh simz l0zor" arguement, but fact of the matter is, Raven Rock was awesome to 99% of fans. However, there should be no "governing" of this said colony, or else it WOULD become like the sims/city. Sure, go help build a colony, maybe choose a leader for it, but no governing of it.
Hope this gets implemented :3
Raven rock was cool but it was not your town even if you helped creating it.
As for ruling it, no it will not fit unless it was your, some of the strongholds in Morrowind had a small village attached to them, that could work well, in the ruling just decided that services the town should offer, a farm who gave you cheap alchemy ingredients, a mine and smithy who gave you raw materials for smithing. Perhaps a trade house with a trader with a lot of money. This would basically be a Morrowind stronghold.