Probably more than 100's, actually. The problem is that a LOT of the places you can fit an LPFM are too sparsely populated to financially support one. The only way to get around that is for an organization like a college to do it, but it'll still be operating at a loss.
Removing the second-adjacent protections DOES help. For example, in Rochester you can't fit an LPFM now unless it's sort of a rimshot from the first ring of suburbs, and even then it'd only be ONE station, maybe two if the second wastes half its signal over Lake Ontario. Removing third-adjacent protections probably loosens that up to three, possibly four (but probably only three) LPFM's and you could fit at least one right in downtown. Rochester is, IIRC, the #55 Arbitron market...so this isn't a "major" market but it's not chump change, either.
Of course, demand in Rochester is HUGE...St John Fisher College, Nazareth College, and Monroe Community College all covet their own LPFM license. And that's just the colleges! There's at least one or two community groups I know of who'd apply for one...and they're just the ones that're organized enough that they might pull it off. I'm sure there's another half-dozen, at least, who would apply as well...even if they don't really have much idea to do with it if they got one. And then there's the religious broadcasters, with at least a four major players that I can imagine would all try to have a local chapel apply.
So even with "more" stations, it's nowhere near enough to satisfy the demand. Of course, the ugly little secret is that a lot of the people who want LPFM's have a product that nobody outside the volunteers at the station would actually want to listen to. There's a reason why several (I've heard as many as 20%) of the LPFM's granted in the first round 10 years ago have already folded and either turned in their license or didn't renew it.