Why take it out of Issa's Oversight? He's doing a good job IMO.
Issa is doing a good job, but I'll let Congressman Frank Wolf explain why a House Select Committee is better:
However, the hearing also made clear that a thorough inquiry will require witnesses from across government – including the Defense Department, State Department, Intelligence Community, Justice Department and even the White House. Only a Select Committee would be able to bring the cross-jurisdictional expertise and subpoena authority to compel answers from these agencies.
His very informative letter can be read in its entirety here: Wolf Renews Call For Select Committee On Benghazi In Letter To Boehner