Host? I'm leaning towards no, but honestly don't see a real difference in Vinny or Jeff hosting segment or discussion-wise.
Editing on the other hand? Definitely a no. Why break the discussion midway with music or play over someone while that person discusses a subject. One of the few interesting discussions they had on the bombcast this week was Eve online, but couldn't make out half of it with the music and explosions going on.
Also, get him away from the soundboard. He's no Fred Norris.