The only benefit of a N reg within Europe would be for FAA IR qualified pilots
Not necessarily. I'm not an aviation lawyer, but what if you wanted to do some touring across several countries? I believe we've had the argument in another thread wether Europe is to be defined as a 'country'. Most likely, at least at present, not.
Also, you'd be surprised how many Europeans hold FAA tickets, but not necessarily local ones.
Can't see why there shouldn't be a market, if right type and location.