The games are quite dated now but the original Might and Magics were very close to what you are asking for. The world of Xeen games are the first that really start to combine action/rpg elements but it's still mainly turned based at that point (although you do have ranged combat per turn with spells/arrows etc....it's not real time yet). After that the series lets you play in real time (although you can switch to turn based in a pinch) to the extent that in one of the episodes you can take out a huge red dragon with a starter bow by circle straffing it for like an hour (not intended to be killed but sure is fun to kill). Before D2 I played the might and magic games every year during the summer (during the usual dry spells) until Phantasy Star online and D2 basically took over. The games are a bit older but honestly they age incredibly well. Tons of character customization (in fact most let you control a party, but in a first person perspective so it's like 1 character with different personalities lol).
In addition they are all free open worlds for exploration with tons of quests (and pretty much no collect this or kill that quests...these are REAL quests), puzzles and rewards.
If you havn't tried them you might want to give them a try
