If SNL is involved, I don't think it will be a "Stand Up Comedy" comedy club. SNL is mostly skit comedy mixed with short films, misical acts, and topical Weekend Update.
I could see something like "SNL: LIVE with your host Kenan Thompson". Sign Thompson on for a 5 year residancy. Put together a comedy troupe, call them something like The Not Ready For The Rock Players. Have a house band, that doubles as the ficticious musical act. And basiclly do a SNL show 5 nights a week. They could play new and classic short films on screens between skits. Mr. Bill and Toonces would get some cheers. Keep Weekend Update fresh every week.