I've been thinking about something similar.
From what I gathered, it can be done for the 3-voice integrated sound (and I'm frankly surprised that apparently no company or hobbiest has done this yet), but making a compatible graphics card would apparently be more problematic, since the PCJr / Tandy 1000 graphics architecture is built around the notion of shared (conventional) memory.
Even if one were to create a compatible graphics card, it would not work in machines that are already equipped with the full conventional 640KB memory (since the card's on board memory could then not be mapped to the correct area within the 640KB, since there would already be RAM there)...
...
Unless some kind of clever DMA-based workaround could be implemented where the card could periodically read the conventional memory at the correct address range, I guess... Of course the PCJr and Tandy 1000 don't have a DMA controller, but since such a card wouldn't make sense in those machines anyway, that doesn't matter.
So would that be too crazy? Could anyone more knowledgeable than I provide some insight here?