I'm referring to the original 1974 series, though I would not be adverse to taking elements from the 1991 remake or the more recent movie.
I'm just wondering if it would be able to be made into a setting, though. Obviously a lot of the series dealt with finding a way back, but the Sleestaks/Altrusians and Pakuni lived there and there's no reason other races couldn't.
Thoughts on this?
There is no reason why it wouldn't work at all. It may present some challenges, but I would suggest not focusing on the "get home" goal. Go with a more Swiss Family Robinson feel, learn how to survive in the environment. Luckily, the Bestiaries are full of dinosaurs, and you could even through in a few of other the repitilian monsters as flavor (ie shocker lizards or kobolds).
I actually ran a "side adventure" (it last almost 4 months) where the party got ship wrecked on an island full of dinosaurs, and played in one where there was a mad scientis/wizard playing around with animals and making all sorts of wierd hybrid lizards (Jurassic Park 3 in a horror setting).