Marvel FASERIP works pretty darn well for most any system due the underlying rule strength, and the magic system et all can make for an easy fantasy game
Issues I've had with doing it include:
A) the ends/the extremes. Both the very low & very high ends of the ability score spectrum work less & less well as compared to the middle area (which for supers is excellent to monstrous). Fantasy set games will often spend much time on the low end, which can make for a bit too much of tossing dice to no avail (miss/fail) & some difficulties with karma & advancement.
even with the magic books as the game basis, a fair bit of work needs be done making up spells, creatures, organizations, etc, although this probably puts off very few game masters and is often much of the GM's fun! Still, one will just need to color outside the lines at times when making up spells, creatures, etc, in similar fashion to placing super beings & aliens inside the marvel system. This one is a minor issue, but still can be an issue. The ability modifier table, right after primary abilities, could be a handy way for the rollers to roll.
C) character generation. barna10 may have a good way, but I think it may be hard to tell. I've come to lean more towards picks/modelling for supers over the decades & probably would just do the same for fantasy FASERIP, That said, I'm all too aware players tend to be utterly terrible at such things! Still, the existing chr gen needs tweaks at the very least. It may be worth considering fleshing out from a concept desired, such as fierce barbarian warrior, noble knight, sorcerer of the light, druid, cat burglar, monastic mystic & martial artist, and so on. the Marvel system lets one step a bit outside the usual fantasy RPG too, to include archetypes of fantasy & comics usually left out of games, the more ordinary type with a magical item(s) or pet. In any event, I'd call this a minor issue for most (as most have some experience with fantasy games) to a moderate issue for some.
D) little things. FASERIP now actually needs little edits to handle the change from 1980's to 2020's. It needs much bigger ones to medieval type or otherwise alien settings. Resources probably will stymie many. barna10 has an idea for them, going very old school game on it. Others might be more ok with the base games translated to the setting, and tweaks for handling treasures found. At best one still could be bogged down in equipment/weapons/armor tables. For my part, resources really affected the standard game only for role play and for the rich & super smart; building power armor, robots, super weapons, vehicles & gadgets. Reason scores should be pretty low & this not a thing, but it could be if one tried to simply palate swap tech for magic . This leads us to reason. One can tilt the scale (typical is standard medieval person of 1180 as opposed to 1980) but this can have issues as one moves up the ranks, but most if you ever genre blend or travel dimensions to some types of worlds. Reason & science talents are best kept away from the other general stuff, if there is a character with decent ability & them, it's probably their whole "special talent/power", doing reason/science. Low scores in reason (forced upon characters) might well justify reason modifying talents /skills to be +2 CS rather than +1 CS, to give a character something of a better shot (as the low base reason will reduce the chart & chances). Medieval weapons & armor need a little fine tuning, but the basics of the simple but effective marvel system are fine.
Well, this is getting long winded, so I'll stop there although D can surely be expanded on.