It will do middling at best ratings, undermine the subscriber base of the network due to most people really only having it for PPVs and NXT, and Vince will not be able to leave well enough alone and will screw it up somehow.
Another point has been raised by others as well: Full Sail draws a full crowd because they do one taping a month and film four episodes at once. They're probably going to struggle to fill space with a weekly live show.