Deadwood as D&D campaign

I am watching Deadwood, the HBO western TV show at the moment. In my opinion the set up would work amazingly well for an old school D&D campaign.
Actually it would not be too different from a Keep in the Borderlands with a lot of corruption. To make it more interesting, when the players arrive it should be still a really small place, but with every time they return from an exploration, more people and shops should exist. So they could feel very fast as the old guys...

And obviously there would be a reward for every orc head the bring back to the inn keeper...

Main enemies would be humans, elves and orcs and I would try to make orcs and elves as interchangeable as possible (both are Indians err, sorry, natives...). Humans are the bastards living in the village. I would not call it a shades of grey setting. Actually nearly everyone except the PCs is a bastard.