Scottish football would be more competitive without the Old Firm but the total number of spectators attending Scottish games would sizeably reduce with a likely knock on effect on Tv monies and sponsorship. Old Firm coverage in the media would likely increase with detriment to that given to the domestic game.
The secret for Colts gaining traction (or any reconstruction) is really to understand how it impacts on clubs at various levels and what they might want in a reconstruction to get enough support from each voting constituency. Not just about up front money but about stability and security for instance - Championship thus might want 12 clubs, a better safety net whereby the HL/LL has some proper prize money funding, maybe progress to 12/12/12/12 to suspend relegation from L2 for a couple of years while teams still come up whilst moving to autopromotion/relegation, no reduction in number of home games, lower leagues don’t want splits or regionalisation, etc
Its a big job to get anything agreed but there is no point proposing anything unless you get enough clubs on board up front and understand how any change impacts in the round not just from a factional perspective