I think the Challenger was a bit of a one off (the Queen drops in occasionally but not on a 650M runway).
The link on my previous to the Council site shows a plan for building to the West but with a committment to keep the 650M plus heliport for a further seven years (2014AD).
You have to elsewhere for circuit training anyway so it might also drive some business into N'thorpe, Gamston, Sandtoft and Sherburn for duel site training schools plus the passing trade.
The thing that hobbles the place are the opening hours. No actions or movements before 0830, so it can never have any kind of real business activity (ie you cant fly to Denham or Southampton or anywhere for meetings unless they are 1300hrs onwards.
The helicopter shuttles to other 'northern airports' are unlikely to gain traction. For Manchester business flights this would mean lifting twin pilot IFR (in Winter) over the Peak with a lift time around 05:30 local. If the place does not open till 0830 all outbound will miss the business flights.
I wonder which 'consultants' advised on that study ...