I think there are two sites that have been mentioned in the Luton area as well, by the airport as part of the Junction 10a Football Stadium that is now not going to happen as the airport is extending and the other was the quarry site halfway between Luton and Leighton Buzzard, however, that is by a couple of villages.
The only problem with a Luton site is that there was no track there in the past. So you're counting on getting the old Milton Keynes crowd down the M1 and getting some of the fans from Bedfordshire who feel that Rye House is a bit of a difficult journey (it is quite a hike). Certainly wouldn't have any problems in terms of being to close to neighbouring tracks though.