Already exists...sort of.
On my Sony Xperia, there's an "Ultra Stamina" mode in the battery settings which, upon restarting, will restrict the phone to the most basic features. It says "Internet connection via wifi and mobile data will be disabled". And the only apps available are; phone, contacts, messaging, camera, album (I guess so you can view the photos from the camera), Calendar, Calendar (yes, it's listed twice, must be an error by the devs!) Clock, calculator, FM Radio, Settings, music. So, pretty much a 3310 but with a decent camera and music player.