Wouldn't be my cup of tea. Maybe explore some of the area in a DLC expansion, but as a main entry I don't think there would be enough historical content to flesh out the world.
I'm not saying NJ isn't rich in material, as Princeton University is located there to start, but compared to some midwest state's like MIchigan you'll find far more historical landmarks to base an entire new entry around.
That's just my 2 cents though.
“We can only see a short distance ahead, but we can see plenty there that needs to be done.” - Alan Turning