Is Cacoethes Caedendi. Which, unfortunately, never got past a couple of pages. It is listed on the Complete List of PPC Fiction, for future reference. (And don't ask what it means, because I have no idea.)

I would love to see someone take this idea and run further with it. I think illustrating the crazy manifestations of bad writing would be awesome. ^_^ I wouldn't try to PPC stand-alone art pieces, though, at least not regularly. It's hard to imagine a situation in which those could rack up enough charges to be killable.

~Neshomeh

One was already mentioned below, a comic with pictures of legos rather than drawings, by huinesoron. It can be found here

And there was the start of a manga. Which I'm not sure got beyond the first two or three pages. Don't remember who did that.

I do recall seeing the beginnings of a mission in actual comic form, drawings and everything, but it was never finished to the best of my knowledge and I have no idea who it was. ^^; So it's less than helpful, but at least you know it happened, yeah? I'll keep an eye out for it and let you know if I spot it again. I'm pretty sure it was on LJ.

I think it was done once a few years ago. Done with legos, actually....

I don't think there's anything specifically banning it. My only concern with the whole fanart thing is that there's really not much to go by in a single piece of fanart. I think it might have to be with a whole collection thereof, if it were? Like if some has an OC that they insist on putting into their art over and over again. The thing springing to mind here is the Uncanon little sister to the main character of my favorite books, that this one girl insists on putting into her art.

But yeah. I don't think there's anything stopping you from giving it a try?