The more I think about it, the more I like it. Of course, this means it probably won't happen but that's another story.
ISU is not going to be able to bring in a perfect hire, I think everyone can agree on this. It is either going be an unproven commodity or somewhat damaged goods. Gillespie at least seems more like a dented can and not spoiled food. At least the knock on him is that he focused so much on his career that his personal life went to hell, not that he only got things done with major recruiting violations (at least as far I know, feel free to correct me if I'm wrong).
Really, ISU is a great set-up for him. If the McDermott era has proven anything it is that the AD and fanbase are patient. He would be given time to build a winner without having to kill himself here.
So what you are saying is: we are OK with botulism, we just don't want herpes.