I am in the early stages of building something like this, though what I'm building is tailored just for my one application so I don't think it would actually quite meet your description.
My program _is_ "init" and it runs a few other small programs, like wpa_supplicant and a DHCP client, as child processes of itself.
My program is a "fantasy" homebrew computer using the Linux kernel mainly just for its drivers, since that's usually the closest thing to hardware docs these days.