Sounds like the old terminal-style layouts, such as my Chicony below.. Too bad there is so much wasted horizontal space on the F-keys, and the bezel.
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(http://i.imgur.com/w1rni.jpg)
Once again, exactly my thoughts. I use an IBM AT board as my primary keyboard. I love the feel and the layout in general. My only complaints are that it's much bigger than it needs to be (as you say, put the F keys up top and get rid of so much space there), and the lack of a right Alt/Ctrl. The Alt/Ctrl issue can be easily solved doing the mod fellow GHer Daniel Beaver did. No simple solution though to the F key / size issue.