I already said this before, but what about a revival of CD 94.7 (Smooth Jazz with no crossovers except for major Anita Baker/Sade hits), or maybe image it as "94.7 The Wave" and have CBS buy it (like KTWV LA).
No offense, but why not call it '8-Track 94.7' or 'Cassette 94.7'. Those names are no more antiquated than 'CD 94.7'... or the Smooth Jazz format for that matter.
I'm think alternative, but without billing itself as alternative or even rock. Perhaps a presentation similar to 'Click 98.9' in Seattle (although I think Click is a silly name). Just modern music.