Scrap recycles into every recipe you currently have unlocked.
Items that have a chance of loss give scrap instead.
No ores, no trees, no rocks, just a recycler and your wits. Good luck!
Because it doesn't work conceptually, I'm not even sure what the system would look like for different planets.
Also, this idea wasn't mine, I made this mod for someone else and they only wanted it for vanilla, so I didn't go much further than that.