Why not? Everyone wants Constraction to return in some way, shape or form, so I don't see why TTV wouldn't do what they can to help. Heck, maybe you could convince Ven to be the one to make the MOC for the project.
I mean seriously, a LEGO Ideas Project has a much higher chance of happening than Brickonikle or whatever other fan project people are trying to pitch to LEGO.
Well, that is the thing. Though it might be dead in LEGO's eyes, it's certainly not dead among the fans of it.
So yeah, maybe try to submit a Licensed MOC such as that Sauron, and if it gets the support it needs, LEGO would have no reason to not make it. It might not be Bionicle, but hey, it might be the only way we could keep constraction alive.
The true question is... Has been any large scale, true project worthy of being submitted? From I saw, not really. So we can't make assumptions before we even tried it. If we make the project, gather all the support it needs, and still fail miserably, than only then we will be able to say that.