Whats happening in Vegas must stay in Vegas.
The tourney in Vegas is the best thing for the MWC. Vegas is a high profile entertainment venue. The big conferences would probably love to have the opportunity to play their tournements in Vegas. It's all about glamour and show there. When considering all of the gambling that is involved with March Madness one looks straight to Vegas. The MWC gets more exposure in Vegas than anywhere else. (I'm not advocating gambling, just saying Vegas is a spotlight city and the MWC is lucky to have the city in their conference.)
So Cal is a bad idea. I live in Socal and the MWC would get completely overshadowed by the other conference tournements here. (not just the pac-10).
Take UNLV out of the equation and BYU likley has the biggest advantage when comparing the other eight conference schools because of the large LDS poulation in Vegas. How many Wyoming, TCU, Air Force or New Mexico fans are there in Vegas? Not as many as BYU. BYU should hold Vegas as a venue.
BYU has been getting drilled in the big dance and they could use playing away in Vegas as good preparation for the big tournement.