There is simply no way to get a team to work in Newfoundland, in any capacity if we're being realistic. Your nearest Quebec opponent is Baie-Comeau. Your Maritime brethren are a flight away, and major junior teams, especially out west, only really use those once (or twice, if it's a championship series like Prince Albert and Vancouver) to cut travel costs.
Realistically, since I doubt that this actually comes to pass, is there anywhere in the Northeast/Quebec that would even want a team? Would Granby be? interested, I have my doubts that the Q will go down south into Maine again.