Real-time OS's have guaranteed execution time bounds on operations, with strict rules for interrupt handling and preemption that maintain those guarantees. I don't care what kind of hack you do to Linux to approximate this feat, you aren't going to succeed without some serious redesign of the kernel's process scheduler as well as most of the kernel's services.
There are in fact groups who research operating systems (normal as well as real-time) and actually perform measurements on the amount of time things like context switches take to complete. Linux used to have context switches in the 200 microsecond range, but I belive now it's up to 500 or 600 microseconds (depending heavily, of course, on the speed of the processor).
Berkeley's TinyOS, which is based on their "Mote" microcontroller boards, is a good example of a modern "microthreaded" real-time OS. Multiple different operations can be scheduled, but some tasks are GUARANTEED to be performed in a set amount of time. For example, servicing a radio transmitter or receiver one bit at a time without buffering requires that you examine the data pins at least once every certain amount of time or you risk losing bits, thereby corrupting the data flow.