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In the new NHL, yes...Winnipeg could support an NHL team. There are several American franchises that are in serious trouble, not because of the size of their markets, but the fact they are not hockey towns, Winnipeg is. They'd make a good go of it this time around.
I always remember all the Winnipeggers saying what a "hockey town" it was, but the reality was attendances in the 8-10,000 range for most games. With salaries the way they are now Winnipeg would have to charge a small fortune for tickets, thus pricing themselves out of a team within a couple of years at best.
Don't get me wrong, I would love to see another Canadian team, but Winnipeg had a shot and blew it. If there is to be another team in Canada let someone else have a shot.
Hamilton wouldn't be a bad choice, I just think that Winnipeg, with their new NHL grade arena, the fact that they sell out the lower bowl of 8800 fans for the AHL Manitoba Moose. Given a second chance, they'd make it work.
8-10k fans would be a big improvement over what many of the US teams are drawing right now. Many of the new NHL teams like Atlanta are not drawing flies. You have to remember that the ticket sales are not the only revenue for teams like in the past. The swag they sell now are huge business for the teams.
We almost lost Edmonton and Calgary during that same time when we lost Quebec and Winnipeg, It was that close for them too...they are now doing OK financially in the new NHL, Winnipeg could too.