>>13553271...if they had a better Johto "bad guy team" plot, a better rival (better than silver, anyway), tougher pokemon, and more creative Johto gym leaders...yes.
However, it wouldn't work as well. Kanto was linear, it got harder as you went. Johto was short and easy, but you were expected to bounce around it a lot before moving on (re-challenging people via the phone).
I think it would be cool if you played as neither Red nor Gold, but someone new. At the top of Mt. Silver, after beating Red, he'd tell you that there's only one person better than him...and gives you a pointer in his direction.