I am familiar with many of the surveys of many valued logic referenced in the SEP article on many valued logic, such as Ackermann, Rescher, Rosser and Turquette, Bolc and Borowic, and Malinowski. It is asserted in the article that "Many-valued logic as a separate subject was created by the Polish logician and philosopher Łukasiewicz (1920), and developed first in Poland. His first intention was to use a third, additional truth value for “possible”, and to model in this way the modalities “it is necessary that” and “it is possible that”. This intended application to modal logic did not materialize. " My question is, why didn't it?
Edited: to move summarized known objections to an answer.
Have you seen in SEP Many-Valued Logic ? There is a reference to Melvin Fitting, Many-valued modal logics (I,II) (Fundamenta Informaticae, 15 and 17, 1991/92) : "considers systems that define such modalities by merging modal and many-valued logic, with intended applications to problems of Artificial Intelligence".
Also :
Osamu Morikawa, Some modal logics based on a three-valued logic, Notre Dame Journal of Formal Logic (1988)
and
KRISTER SEGERBERG, Some Modal Logics based on a Three-valued Logic, Theoria (1967).