To an extent I think they would make a logical addition, but only if the AAC expands west. While they may not be a powerhouse football school they are easily accessible. Las Vegas being a major tourist destination aids in away fans having cheap destination, and aside from a couple smaller markets(Tulsa) most can even catch a direct flight to McCarran. The new stadium makes it ideal for visiting fans to get to and from the game as opposed to Sam Boyd(20-30 min from the Strip) which is in the SE corner of the valley, sort of down by my house, now it'll be a quick jaunt over an overpass from the south end of the Strip. The school itself is a year younger than USF so a lot of their graduates leave the are upon completion so the alumni base isn't great but for those like me who don't care about the Raiders or are being priced out of Raiders tickets(like Knights tickets, who saw a huge increase for next years pricing but are still selling strong) you will see residents showing up to UNLV games again this year. It's similar to the Vegas Lights and Aviators games, your everyday resident can afford to go, this has given those minor league teams a boost in support. For example the Lights in year two last season drew close to capacity crowds(all locals) while finishing 13th out of 18th (2019) and 15th out of 16th(2018) respectively, the same should happen for UNLV(probably not capacity though) with increased visiting fan support now that there is a prime location for games.
Vegas also hosts 4 conference's basketball tournaments and will be hosting 2 conference championship games starting next season, including the PAC 12. The town already gets the entertainment dollar and is ready to get the sports dollar as well, both MLB and the NBA are seriously considering the market with the Diamondbacks doing a feasibility study as recently as last summer in regards to a potential move.
The drawbacks for UNLV joining in all sports are the same ones you'll get with any west coast school, that is a lot of traveling for non revenue sports to go back east. This can be remedied with splitting into divisions and scheduling for 1 long cross country road trip a year. The media market would put it smack dab in the middle of the conference in terms of market size and I personally think the only knock on the in expansion is the quality on the field, but as USF fans I don't think that we have a right to knock other programs quality, especially when their facilities(new football only facility just opened and Allegiant Stadium is a huge upgrade over Sam Boyd). One last thing I'd like to point out is the directed to the "There is so much to do in Vegas no one wants to spend their Saturday people would rather be somewhere else" crowd. Us locals don't go to the Strip, I've been twice in 3 years, both times family or friends were in town, we try and avoid a lot of the things that make Vegas a big draw to others, the Lights for example play almost exclusively at 7:30 pm on Saturday nights from March-October and still draw near capacity at falling apart Cashman Field. Expect a newer and more centralized stadium to see an influx of support(imagine making the drive from USF to Ray Jay but instead of being in Ray Jay you were sitting in the Birmingham Bowl).