I agree with Daly that it would be smart not to have a hub city be a home arena of one of the teams playing. So, either have it in a city that doesn't have a playoff team, or do a conference switch.
I don't think there is a real 'home ice advantage' but I just know that if the 'home' team does remarkably well, it will give fuel to those who want to discredit the whole thing, regardless if the reasoning is sound or not. And who knows? There might be a psychological advantage.
As for the time zone thing, I don't get it. Like for instance, if Edmonton hosts the Eastern conference, just schedule the game times for the Eastern time zone...
It's not like we are worrying about fans in the stands, and scheduling games to coincide with local schedules of when people will be off work or go to bed. And if there are some fans going to games by that time, then maybe there really will be a home team advantage that is unfair.