For the record, I think that the idea of Leaky T.V is a good one but as well as comedic opportunities, incorrectly executed, it would bring with it a plethora of opportunities for it to fall flat on it's face.
Take the Onion's News Channel for example. The writing is great, the acting is great but do not forget that what makes it so effective, so close to the bone (and satirical) is the fact that it is filmed, recorded, directed, presented and edited with a huge budget and fairly well matches the output of Fox or CNN.
To mimic such a thing with a bootlace budget, domestic camcorders, poor sound quality and amateur actors all filmed in a bedroom or garage lit with bedside lamps would not just be futile as an excersise but could tarnish the reputation, or at least perceived quality of TLW.
I think that the only way to do it would be to do something in a format different to and not in direct competition with the A.V Satire News Market.
Maybe a good stepping stone might be podcasts. Less technical hurdles to have to leap but even then, it is not just the quality of the writing to consider but having excellent sound quality, links, jingles, actors etc etc etc....
Sorry, I don't mean to be the DoomSayer but y'know....