It was tried before -
National Basketball League, but hopefully this time it will succeed. I think that the quota for Canadian Players should be kept fairly low (maybe 3 per roster) in order to maintain a high quality level (in order to succeed it will still need to attract high quality players).
I think that it might succeed with a western conference and an eastern conference. In order to keep traveling expenses down, there could be just a few interlocking games per season and then have the conference winners meet.
Andre Livingston has been great for promoting basketball in the Halifax area. (I wonder if he has an interest in organizing a CFL team in Halifax?)