I’m surprised that this isn’t in the works already - unless some more knowledgeable soul is about to comment and let me know that it is - but that doesn’t have to stop us. Who else would be interested in working right here to create a Fallen London RPG of some sort? Probably using FATE Core or a similar engine.
There was a team working on an official licensed adaptation, but it fell through, alas! That said, a few folks have made attempts of their own - often, indeed, using FATE - many of which you can find on these very boards.