I like this thread.
If a GM wanted to play around with a lost Primarch, and wanted to court canon even though it really wasn't, I'd recommend the Forge World chapter, Red Scorpions. http://www.forgeworld.co.uk/Warhammer-40000/Space_Marines/Red_Scorpions
I really like Forge World's fluff for them, there models look cool, and because it's Forge World it feels a bit more canon to me.