Can you make a good game within these parameters?
Yes
Would you bother trying if you could make money off of it?
It depends. If you tell me there's a budget to pay for development, then it would simply be another job. X hours of development equals Y value, period.
If your question is whether I would create something with those limitations, expecting the game to magically monetize, then the answer is no. I don't see the connection between those limitations and generating money compared to a web game without those restrictions.