That's a good question.
Unfortunately, you can't run a radio station like your own personal jukebox...or should I say iPod for the newer generation, so classic alternative would certainly be out of the question.
As you (30james) mentioned in a previous post with your discussions with (David E), whom is certainly someone's opinions I would take to heart considering his proven radio experience, classic rock might not be the best choice considering the demographics, but I see quite a bit of intelligent posts from you (30james) and would like to know why you would choose classic rock, and if it would be an emphasis on the 70's and 80's or later - or all the decades of classic rock. Besides, the demographics, it's also worth pointing out that heritage rocker, KCAL, plays a significant amount of 80's and 90's classic rock, but has been evolving into more of a mainstream new rock sound, which could be indicative of how the classic rock music is not quite working for them as well as it has in the past or perhaps they're misguided in their change of direction?
Getting back to your question (30james). I would honestly turn down the program director position if it was offered to me as I would be unqualified to program any format that I would deem to be potentially profitable. However, if I were to hypothetically own the station, I would consider some type of format that would target the 50%+ Hispanic audience and hire a consultant to do some market research in my coverage coverage area to determine what that format should be. I think it would likely be more of a niche format with a potential of a high TSL. Perhaps Spanish News-Talk or some type of genre of music that is being underserved in the market. Perhaps Spanish News-Talk would work with the limited signal where you could turn off the stereo subcarrier to squeeze every potential listener to not to tune out in the fringe areas of the signal.