I guess Lubos Motl's comment really refers to the terminology used in my post.
If I try to insist on what I meant by "fermionic string", the string formed by $S=S_{RNS}-S_P$, the massless free Dirac Action $S=\iint\limits_{S} i\hbar\gamma^\mu\partial_\mu\psi \mbox{ d}^2\xi$ , then I guess it would simply mean that the theory is inconsistent. The only way I can see that this is so, is that the "fermionic string" again is an inconsistent string theory. I think I get why this is so.
If there are no fields $X^\mu$ in the action, then the string worldsheet can't get embedded into spacetime at all (!). This theory would then not exist.
So the answer boils down to "The (purely) fermionic string is not studied because it's not even a consistent theory, since the string worldsheet wouldn't be embedded into spacetime."