IOM to BHD and NCL can be had for £150ish. This is similar to what people in the Scottish islands pay with Loganair. Domestic Wales flights are selling for £50 return. There's nothing to stop the Manx government subsiding IOM flights is there? It would be cheaper than setting up an airline that is not even needed.
I have no idea as to the setup of Loganair. They are the only airline with an aircraft based in Glasgow which could serve the route. It could be the only chance.