I see both sides of the coin. It's been a decade since I worked in TV so I know things have changed a lot. Case in point: the wall-to-wall newscasts, which as Matt points out, are more lucrative than buying whatever syndicated show.
However, I see this being a show that the indie or "My Network" affiliates pick up, or said sister stations from my example. Our MNTV station aired America Says reruns at 10:30 am, and I think the national ratings were no better than what 25 Words or Funny You Should Ask pulls, give or take a tenth of a point. For this experiment to work, I imagine you have to do more than the middle-of-the-pack first-run shows already serving as background noise. If you're not pulling much higher than what GSN sees, it's a bit of a wash, IMO.
If the other stations are like my local MNTV affiliate, this might become a surprise hit but I wouldn't expect it to set the world on fire ratings-wise.