What are they going to air, besides 8 hours of paid programming during the overnights? The Lightning don't have a lot of history, don't have any retired all-time greats to do bios on, and there just isn't a lot of stuff to work with. If this were to come to fruition, I can't imagine there's going to be a lot of Lightning-specific content; even YES has chunks of their air time on non-Yankee programming: Nets games, college football, Mike and the Mad Dog.
It's either going to be a Lightning network by name or really, really bad like the Atlanta Falcons network is (which has the production values of public access cable). Or both.
This isn't a viable network in my eyes.