They did, it was called the Colour Classic II and was released in Asia and Canada as far as I know, and the logic board is identical to the LC 550 for all intents and purposes, meaning if you can get an LC 550 logic board it will go in without any hackery and you are able to use the same back panel I/O shield thingymabob.
And you'll be able to install up to 32MB of RAM in addition to the 4MB on the logicboard using 72-pin SIMMs! (By now, I'd expect you could unofficially have more RAM, but it could be an addressing limitation I'm unaware of also.)
Maybe if I run into an LC 550 I'll install it into the Colour Classic for fun
