I think that modded Chernarus would be awesome. I know many people on these servers might have come from Arma 2 Life servers initially, but there's also a huge influx of people who started with ARMA 3. And considering that it's been 3 years since ARMA 3 launched, I don't think a return would be too terrible.
I know I never got to do life on ARMA 2, and it would make me extremely happy to play that map! Honestly, I feel it's better terrain than Takistan. The forests would give a nice new element to PvP that we really don't see too much on Altis.
On an unrelated note, Buck, when did you step down? I've been out of touch with the servers for a while.