It certainly won't taste like sake. Sake is made with polished rice, not malted rice. Malted rice syrup has the potential for being the base of a rice beer. There are many beers (where beer is defined as a grain-based fermented beverage) that do not use barley, 'opaque' beers based on malted millet are common in Africa and the West Indies.
On the other hand, I suspect fermenting malted rice syrup without anything else in it, wouldn't be very good.
Do you have access to specialty malts and hops? If so, you could experiment with small batches of pales or milds.
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