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Morris Dancer,
I agree with you, a modernised F5000 based on any engine approved for V8 Supercars should do very well so long as it was promoted as an end product in itself, not a stepping stone.
I wholeheartedly disagree with you, that it is something that could attract V8 teams for anything other than clamouring to be an (or even the) engine supplier.
If it's going to work, it's going to be a centrally controlled and prepared "arrive and drive" series. Palmer has been mentioned and serves as an excellent model for this type of venture.
I'd start with a modest investment though - enough to put say 12 cars on the grid to limit your exposure and see how it develops.
Oh wait......
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