I tried the Newcrest challenge which is basically that but in Newcrest and with no lots unless previous generations built them. It was fun, though I got a bit bored with it after generation 5 or six, mostly because of how controlled the challenges are with the next generation sims. Sometimes their personality didn't match what they were supposed to be at all.
I also tried it, sort of, once in a challenge of my own design. Each generation was allowed to move only once, and only after marrying someone from a particular world. They were entirely restricted to the worlds that were "open" so at first only Oasis springs, then OS and Sulani, then also Newcrest... Since I have HSY and University I find it gets messy around the time kids grow up, since it means they can't have the full experience of either.