Essentially, I’m thinking of doing a game where the sprites are billboards 2d, but they walk around in a 3d environment and can platform and attack.
This game shows off the idea pretty well:
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Well, there are many ways to achieve this with Defold. One of them is a lights&shadows example (Light and Shadows | Defold) project that can be used for 2.5D style. The new light components can also be used.
2.5D is easy with Defold as Defold is essentially a 3D game that can do 2D pretty well.
And, I am actually starting a 2.5D tutorial series on my channel which will become a kind of mega tutorial series (12+ parts and around 7 hours in total) that can be helpful. I will try to publish the first part of that tutorial today 
Here is how the project’s initial look will be:
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Update: just shared the first part of the 2.5D tutorial series: https://youtu.be/Sz7HS8Vukug
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