Personally I think this is a great idea. If done properly it could be an excellent opportunity to grow the sport.
The current Argentine Int'l Series has four "foreign" riders competing over several weeks, how hard would it be to bring another 12 for one weekend!! And what an opportunity for the locals to boost interest in the sport, they already have a good base of riders to work with and a World Title event would take it to the next level.
This formula could be used in the future to help raise the level of the sport in other countries too. An event of this stature would do nothing but good in Australia, New Zealand, South Africa, Canada and the US. One non European race a year would be a win win for everyone if done properly.
Unquestionably the key would be proper support and funding from the authorities. Is it realistic? I hope so, but that's the big question isn't it.