A 30,000 seat stadium would probibly be needed to make it work, as well as having the ability to expand to ~50,000, if they ever wanted to host the Grey Cup.
Having a stadium shared with a university would likely make the most sense.
If any of you have ever seen Regina (smallest CFL city) during a home game weekend, you'd be impressed how much it can add to the local economy. Its very hard to find a hotel room in town, as I found out last year on my trip to Winnipeg from Calgary. Restaurants were also doing some brisk business. I guess having 10,000 out of town vistors coming in for the game has its benefits. Having a team which has a regional identity could have significant benefits for the host city.
I would love to see it some day .. the sooner the better.