It would be cool even if somebody wrote a stripped-down 3d physics engine specific for GLBasic.
There are tonnes of game physics books out there that introduce each new concept (collision, friction, torque, etc) with appropriate code to add to your new library. Just skip the advanced stuff to get basic collision working, then add as much extra stuff as needed to make it somewhat usable in basic game scenarios.
You would be constrained to GLBasic's language limitations (no OOP, or referencing!) so this may prove difficult. Or inline it in c++.
And no, I'm not volunteering! I suck at physics!
[Edit] I would only offer basic colliders such as box, cylinder, sphere, and capsule perhaps. A true mesh collider sounds difficult, and may be very slow.