People continue to make text game engines. You're better off asking in the intfiction.org forums. Selling one for money might be a trickier proposition, seeing how even professional solutions like Ink and Choice of Games are free, but as an exercise it's worth the trouble. Just consider what would be special about your engine, even if it's just a gimmick.
For a jam, however, you might want to use an existing engine, because you'll run into difficulties, and time will be short.