I agree about the show deserving another chance. I wonder what everyone's contract specifies in regard to no-competes, and how close they can get without Worldwide suing. Since Freehand has connections to Worldwide, they're out as a production company. From what the Aussies here have said, it sounds like SBS would jump at a Top Gear-esque show, but I wonder how much the lack of Top Gear name would hurt its chances of getting green-lit. I wonder if Channel 5 has ever thought about franchising Fifth Gear. The name may be inappropriate for Australia, but the format would work (albeit in a one-hour slot).
As for hosts, I'd go more for a "best of breed" and have Steve, Shane, and Warren (as I've said in other threads; I presume Ewen's connection to Top Gear Mag would preclude him from joining another effort). I think the problem with Steve "not fitting in" may have been him getting sick and tired of being the only one not going through the revolving door. With those three, I think the chemistry problems would be minimal.