Baldur's Gate 3 modder tinybike has taken the first steps toward making a version of the game with the original series' real time with pause combat—i.e., instead of everyone taking turns, the action is constantly moving, but you can pause at any time to issue commands.
Right now the WIP mod only has the «real time» and lacks the «pause,» but it's already an impressive transformation of Baldur's Gate 3.
I have to level with you though: I think real time with pause combat was a disaster for the human spirit and our collective progress.
Or at least a disaster for RPGs. Ok, maybe I do enjoy a lot of RTWP games, but I'd still rather have something fully turn-based or actionized, not this weird middle ground where my party members always seem to ignore my commands or let their pathfinding take them on a circumnavigation of the globe to reach an enemy, and I don't notice until it's too late because everything's popping off at once.
That said, I really respect tinybike's vision and technical execution on this thing. The modder describes their work as a «very very very rough draft» and has a demo video showing it off on YouTube.