Actually Aaron, the arenas in games like league of legends aren't fps, they're more like huge third person battle arenas in games like dark souls or world of warcraft and your characters fight in full 3d with surround attacks, damage zones etc, as well as ranged attacks and so on. Even though the perspective is different, from what I understand the tactical play is actually rather similar to that of fighting games.
Again it's not a genre that interests me personally, me being more a single player exploring sort of bod than into the pvp, and while I'd certainly try one if it was around, unlike huge rpgs it's not something I pine for.
As to doable in audio, again your looking at creating a very complex, competitive systemn similar to a fighting game, and the audio version probably would! need to be first person.
Lets first have someone create a full audio action rpg with a number of enemies, timed attacks, and 3D movement, and then worry about porting that to online. Remember the moba is esentially just an online expantion of a game type which has existed in the mainstream now for nearly 20 years, going bright back to games like Zelda occerina of time on the Nintendo 64, and since we haven't yet had any games of that type, (though a blind legend is certainly a step in that direction), perhaps we need to walk before we can run, ---- quite aside from all the usual concerns of resources etc, indeed I don't think there are any indi produced moba games at the moment, they're all the big mainstream companies.
With our dreaming and singing, Ceaseless and sorrowless we! The glory about us clinging Of the glorious futures we see,
Our souls with high music ringing; O men! It must ever be
That we dwell in our dreaming and singing, A little apart from ye. (Arthur O'Shaughnessy 1873.)