In a perfect world this would be a tenable option but with how the BBC operate is regretfully going to make this option a non-starter
The problem has come in how wide a berth snooker have given the BBC in that they have been given the leg room in which almost to have the right to dictate to World Snooker what they want and how they want it. Take the changes made from the Grand Prix when it became the World Open, the BBC asked World Snooker to provide it with a unique format which World Snooker did in the Best of 5 'truer' FA-Cup style format, and the BBC went and dropped it from the schedules anyway.
Going back in history, the UK Championships only started it's TV stages from the third round, - or the last 16 onwards. It seems strange but moving the tournament to a 4 table early stage with two of them played behind closed doors meant that you could maximize the format by including the last 32 matches on the TV. It's also fair of the players who have qualified to be able to play on the TV rather than going back into cubicles at a venue.
Sky would be tenable to host a world ranking tournament but the players in the past of course haven't helped the game. This is because the stage of the season in which Sky hosted a ranker meant all player's attentions were now heading towards Sheffield. This is something which of course wouldn't best please the broadcaster and something which was highlighted when World Snooker went to renew the British Open and Players Championship contracts. There's more to Sky than Francis and you cannot imagine him being there forever. Also, if you look at other sports, namely Darts Sky do not make alterations to formats which are ranking based.
The Best of 11 matches over the past two years have provided some great matches, but it remains and IMO it will always remain the notion that this tournament lost a bit of its prestige when it went down to 11 frames, - Trump and tomorrows winner will have won the equivalent of one less match in becoming the UK Champion. That is why it doesn't feel as good as it used to be. Last year 15 seeded players won their first round matches, this year it was 11 seeds which doesn't automatically support the idea that in an era of 7 frame matches, best of 11's have suddenly become a middle distance format which of course it hasn't other than it's the last of the short format matches other than the best of 13 frame Premier League final
However, the 11 frame, 17 frame scenarios do provide interesting comparisons for what might have happened. In a best of 17, would Murphy have beaten Brecel 9-8 or gone on from 6-5 to win 9-6 or thereabouts? Would Davis have held on to beat Higgins?
I don't think that to ensure that all 32 players get on a televised table in the same time frame that you could go back to the old format, which is a big shame but I also think that there is no reason why the quarter-finals could not be contested over the best of 17 frames as well as the Semi-Finals, if you played six matches on Monday and Tuesday as is played on Sunday and Saturday (this would mean two second round matches on Monday and the remainder on Tuesday) - which would mean you could begin the quarter-finals on Wednesday,