Alright, first let me say I love baseball and would love to see ISU have it back.
But I can say without a doubt that if ISU ever brought hockey to the NCAA Division I level people would go and the team would be successful. SEE: Des Moines Buccaneers/Waterloo Black Hawks/Cedar Rapids Rough Riders. All of those kids are 15-20 and they draw incredibly well. Plus those kids would be easily scoutable/recruitable.
College hockey doesn't have many big schools in it and Iowa State could draw kids looking for a big-conference school experience. Nebraska-Omaha became a contender in its THIRD season of existence. I'm telling you, Iowa State could do it even quicker.
As far as facility, Hilton would be great. Just look at the Kohl Center at Wisconsin, both basketball and hockey there and they pack it for both.
Will hockey ever come to ISU? Probably not, but if it did, it would most definitely work. No doubt in my mind.