Combining the two is possible. Recent games weren't very challenging (even OoE and PoR level 1 hard modes), so having some hard palteforming + level up, equipments, different characters, more bosses, etc. can be very cool.
However, I don't know if a game with instant death pits and stuff like that would attract lots of people today. Just imagine: you make a lot of plateforming, kill enemies and just before the end, you are hit by a Bone Pillar fireball and fall in a pit -> Game Over, restart please. Even with save points, it'd be very fustrating. (But I personnally would like it!)