As an FSU fan, I'd love it but I just don't see Tally working out. Not only would the team be the third tenant in the building, they'll be competing with FSU football in the fall, successful basketball (men's and women's), and baseball in the spring for the sports dollar. FSU is one of those schools where baseball actually turns a profit usually. Add in that you have that you have another Division I (FCS) athletic program in Tally as well (FAMU) and the sports dollar is pretty thin already.
Don't even get me started on the traffic. You can get across Tallahassee in 10-20 during the summer (depending on how you hit the lights). During the school year, it has taken me over two hours before. Where the TLCCC is in town is full of one-way streets. If there's any sort of event going on at FSU or near the capitol, and you can be inching along for a little bit.