Will likely not work, too small and localised of an area. The Moreton Bay composite team could work theoretically but the biggest challenge is capturing a large enough market, in particular a market where there will already be Broncos fans. I think that's the real challenge the NRL has had for years in trying to establish a second team, anyone who doesn't fall into the key area of the new team will gravitate toward Brisbane, every small area wants to be the team.
The second Brisbane team becomes less likely each year, hindsight being 20/20 they should've moved for Brisbane #2 in 2007 instead of the Titans. I know people argue that there's this huge anti-Broncos sentiment in Brisbane among former Brisbane RL fans, but rarely are these people unified in agreement on the potential expansion team.