I think that would be a pretty good idea, but I might also consider Mobile Alabama. The Sunbelt schools are generally lower level schools academically (no offense meant) which means that their alumni and fans are probably not as affluent as the BCS school fans. Putting a game in the center of the footprint and within driving distance of all the schools would make some sense. A realtively small bowl stadium (40K) also makes some sense, as does putting it in a city that would really value it.
It might also spur South Alabama into getting the ball rolling about football.
I also think it makes sense to look for bowls in good vacation spots. Mobile is a gulf city and has potential in that regard.
If I ran a conference, I'd shoot for bowls in vacation spots like Nashville, Miami, Orlando, San Antonio, San Diego....
Mobile already has a bowl - the GMAC Bowl
But if the Sun Belt replaces the MAC in that bowl (CUSA will stay), the MAC could then create the Land O'Lakes Bowl to be played in the Metrodome, against a Big Ten team (if available).