I got a chance to chat with Don Hartsell a good bit after the event. He reminds me a lot of some of the wheeler dealer sorts I've met in aviation-- the types who can convince foundations to go along with their occasionally grandiose ideas. So, yeah, I'd give this one even odds of happening (which is saying a lot!)

Red Bull is an interesting analogy-- the Reno races have been around for a long time, and are huge with aviation geeks. But until it was sold properly, no one outside aviation really knew or cared about air races.