I'd enjoy watching it, but I think they need to get someone besides Austin to be the GM if they run a campaign. Not because Austin wouldn't be great, but because he's too busy to do all the necessary planning and prep for a regular series -- and if they aren't doing it at least once every couple of weeks, I think it'll just peter out.
If they could find someone who is familiar with the rules of whatever game they choose to play, is good at GMing in general, and has the time to do it, I think that would be the best route to take. I've been a fan of Steven Lumpkin (who GMs for several of JP McDaniel's RollPlay shows) and Chris Perkins (who does the Penny Arcade D&D stuff), but I have no idea how much free time Steven has with all his other commitments, and Chris Perkins works for Wizards of the Coast themselves, so I'd imagine that comes with a hefty price tag attached. I'm sure Austin has some connections, though.
Of course, they could always stick to low-prep stuff like Fiasco or other off-the-cuff games, which I know the guys have stated some preference for. I personally enjoy a little more structure -- I enjoy RP and getting into character (even if I'm generally bad at it), but I also genuinely enjoy the game mechanics themselves -- so I'd be the guy who votes for stuff like 5E D&D or some of Fantasy Flight's games (WH40k: Dark Heresy, Star Wars: Edge of the Empire). However, if the more free-wheeling, "rules light" sort of games are what they'd prefer, I'd still find it enjoyable to tune into.
Honestly, I think the reasons the GBWest crew's attempts at this failed so quickly were pretty much the same: no time to properly prep and plan. Rorie clearly didn't have the time he needed to GM, and was probably more than a bit rusty, besides. I don't really blame him for things going off the rails like they did. I think if they'd had someone who was a little more familiar with the 5E rules -- and better at drawing in a bunch of rowdy newbies and keeping them focused -- a little structure could have fixed a lot of the issues and allowed everyone to enjoy themselves a bit more.