I just wanted to pop in and point out Mini Micro, a new free development environment that could be ideal for this. It does graphics as well, but
it definitely has a nice text display and keyboard interface. Here's a trailer:
And here's an example of a text-based game made with it for another game jam: The Dragon Races.
If anybody wants to give Mini Micro a try for this jam, I'll be happy to help out however I can!