If there was a market don't you think that Aer Lingus would have Aer Arran doing it for them?
Not if other markets are more profitable. In particular, ORK wouldn't provide as much onward feed as other routes seeing as it already has good hub coverage.
As goes that specific proposal, Logan don't have craft based in Dublin and the CFN-DUB plane is at full utilisation due to CFN-GLA anyway so the base costs would be quite high.