If this does see the light of day I'd expect it to resemble what PLAY from KEF is like.
I don't think its totally out of the question it could work. If the price model is right combined with the ease of connecting at a smaller airport as opposed to the usual mega hubs, it'll have some appeal. BFS is decently placed too as opposed to say hopping back to the European mainland. TATL travel from the regions has taken a fair beating the last few years and I don't think its as simple to say that when these routes stopped then people were suddenly no longer interested in travelling to the US or Canada from the likes of Belfast, Birmingham, Bristol, Glasgow, Newcastle etc. That market is less saturated than it once was.
Good luck to them it won't be easy.