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I think your analysis is good. But given the fact that Fox has chosen a lemon they could make lemonade. Someone in an earlier post mentioned they would like to see Mark Levin and Ann Coulter come on the show and slap Greta around.

Fox could take a risk for the sake of entertainment and ratings and present a reverse of the O'Reilly Factor. The entertainment value of the O'Reilly Factor is based on O'Reilly's ability to browbeat guests who have wrongheaded liberal views.

Greta's show could be based on having guests come on who browbeat the host who has wrongheaded liberal views. After all Greta is just "talent" or meat and she gets paid the same whether she is humiliated or not. As a liberal she probably has experienced the S/M world and may get off on pain and punishment.

Fox controls production and they can schedule as guests whoever they choose.

We all know that Greta is an utter fool but I say a show where Greta plays the fool is pure entertainment for the base of viewership that Fox has cultivated and considering what gets ratings on the boob tube could have ratings potential.