Re: League of Legends
As a LoL player I will say two things. One I'd love to see it, but two, it would just be an arena game after all. The whole storyling of LoL is an arena.
Remember one thing. The champions in the League of Legends are summoned beings meant to battle, and the actual people are summoners (or the player), but we know almost nothing about them except that they're powerful magic users at war. The weird thing is that the summoned champions also have a backstory, so it's very unclear just what is going on in this plot. I think this idea has merit, but I don't see it being something that would work very long without just being a fighting game, in which case why not just play LoL?