Fallout 3 pretty much killed the idea of a turn-based Fallout.
Just read the Feargus interview on GameBanshee.
That's the reality.
And what do you mean by 'at best something akin to Bloodlines' ?
Troika already did a sort of spiritual successor to Fallout with Arcanum, so they would have probably went the same route with Fallout, just with an updated (and 3d engine).
As for bugs, yeah, it would have been buggy, but is Fallout 3 bugfree?
Far from it. Bethesda even broke a lot of things with their patches.