I think it is a great idea, personally, even if the timeline is very aggressive.
I friend of mine runs the NJ Lions (mens, womens and over 30) sides. They are an amateur club in the local NJ state leagues. That is probably the best place to start initially, perhaps even present a business plan where eventually the team sets up youth ranks an a senior side. You'd need a "home" location to play and train. You can hire local coaches and college players, alumni to part time coach and charge parents small fees to join the team to fund operations.
After establishing yourself, find investors (preferably fans and local people and some businesses) and look into the feasibility of moving to USACA, PDL or NPSL. The Brooklyn Italians are currently NPSL (and have a great history) and to be fair if this project could get to that level it would be a great success.
My old club team in college uses this business model and have been hugely successful, http://www.bavariansoccerclub.com/
After that you need real money men to push this to a professional grade operation like USL Pro or NASL. The US Soccer guidelines require a lot of ownership capitalization and at least one owner with real money (but a LLC oe Corp. majority could pass the test).
Nice to see the Bavarians link..... I lived in Milwaukee for a short time and I'm somewhat familiar with them....the Rampage were the top team in town when I was there, Uhelin Soccer Park was a cool place to catch a match. The Wave were also a top notch team then as well.
I agree on many of your points. An interesting idea with the youth team would be branding them Metro Black as an homage to yesteryear. The jump into the PDL or NPSL would certainly be note worthy but I think a realistic goal would be one tier up..... perhaps nostalgia strikes the right deep pocketed investor and things move further up the pyramid, NASL and a rebuild of Hinchcliff Stadium would be my personal could 9 but realistically a team representing Metro playing in any league from 4th Div up would indeed be a great accomplishment.
I think an investment goal of 20k for a guaranteed 2 season run from local leagues to NPSL is feasible. Baring any monumental shake up's in the NPSL conference set up, travel wouldn't be too hampering unless the club went to the Championships. First off though my goal is create a kickstarter type of set up and a minimum of 30 Metro supporters who want to play a small or large part in this endeavor.