Honestly, it would be a good idea. But I would like it different: two people in a middle-big island, with lucky blocks, wood, ores and some things. They have 5-10 minutes to gear up and prepare for the fight. Whenever the time runs out, the two players will need to fight each other. Whoever wins the fight, wins the game.
I just thought that in 20 seconds. You suggested this idea, so tell me what do you want to improve or change, or if you have a different perspective. Because a normal lucky islands game, in my opinion and, with two players, it would be a bit hard and boring.