Of course on paper and with unlimited funds it could be a good option but there are many realities which mean this will stay a pipe dream to some.
Runways cost money, CF's will need lengthening and strengthening. Taxiways would also need to be completely overhauled and realigned.
ILS would need installing, not cheap and I would question the potential of granting full CAT on both ends due to the proximity of roads etc.
NIMBY's, yes it was an RAF base, but it has been decades since it was regularly used by jet aircraft, and even longer since it was used by fighters.. I find it hard to believe that such a development would not need to go to an expensive public enquiry.
Competitors.. DSA and LBA would kick up a huge fuss about such a proposal, and it wouldn't work if those airports are competing.. For such an airport to work it would require both airports to close and consolidation at the one. Given the amount of public funds invested into DSA (including EU objective one, which CF would not qualify for) there would be nobody interested in investing in the place.
You then must question the viability of long haul services from Yorkshire. Whilst undoubtably there is some demand, the consolidation of such services at MAN (which then generates critical mass and puts MAN in a position to attract more), I would argue is far lure viable for the M62 corridor cities..
LBA will grow to meet demand, it may even attract some long haul routes in future if demand is forthcoming.. I think CF will be nothing more than (hopefully) a theivjng GA hub which I believe this area needs..