I don't think it would work in all honesty, but as a fan of this gimmick I will try and think about a way it could be done. Let's look at this from both angles.
Ways to try and make it work
1) Retain the cult feel
It was, essentially, a cult. Except one thing they didn't really show that much was the members' reverence of the Undertaker. If they do it again, Undertaker needs to take a bunch of nobody green-ass jobbers, turn them into mega-badasses, but then they need to worship the ground he walks on. Bow down at his entrance, kiss his damn shoes.
2) Lose the 'powers' element
Come on now, this isn't the 90s anymore. A good way to get Undertaker's heeldom back would be to oust him as a phony with no real powers at all, but a very smart phony who's good at getting people to believe in him. The jobbers flock to a guy who can bring them into the spotlight, and boom, new Ministry.
3) Choose the members carefully and intentionally as guys who will eventually be pushed
Because otherwise, what's the point? I would say no more than 5 members myself, hard to have large differences between them in today's environment.
Now let's go to the flipside.
Reasons it wouldn't work
1) Two stables already
In the Corre and the Nexus, one on each show. If you have too many, in addition to the brand split, people get confused.
2) Neither of those two are that dominant
How has either side affected the ME scene in the last 3 months? Whatever Punk does in ME he does without Nexus, Barrett hasn't sniffed ME in ages. And now we're adding a third to the mix. Where have we got time for a third faction?
3) It's a rehashing of a 90s thing
And it's never as good the second time around.
4) How do you turn Undertaker heel again?
I really think he's just too far gone as a face. He's now one of those irreversible faces.
So all in all, I think it's a nice idea, but not an altogether practical one at this time.