I suppose it could--but that's so far removed from the idea of a nightclub themed to an explorers club of the 1930s it would seem weird to call it "The Adventurers Club."
As for a restaurant in BET, aside from refurbs, when was the last time Disney (not Levy, not E-Brands) opened a new restaurant essentialy "from scratch"? It's a fight just to get the doors to the already-finished bar opened, I really don't see WDW spending the money on a new restaurant, as well.
That's great for die-hards and repeat visitors. But try telling that to Joe Tourist who thinks "Disney World" is that park with the castle in it. When a $20-$25 ticket covered all of PI, it's a little easier to swalllow the whole, "well, maybe you can catch the next show"--guest can wander out and sample another club. When guests are paying exclusively for the AC, it becomes more like a theater and I think they will have a different mindset.
I have to tell you...I didn't become a fan until a year and a half ago...I paid full price the first time b/c I had heard great things about it. Simply put, that first time I went in there, I was "Joe Tourist." I was paying all this money, just to get into this one club, where I simply had no idea what I was really getting myself into. After the first time though, I went into the club with the full mindset of going in just for that one "theater" show. I had the theater mindset.
(And if we're being technical...I pay a lot more to get into the theater here than I do seeing an Adventurer's Club show...and I bet you most other people do too in their local cities...it's the experience you're paying for and you know that when you go to any type of theater, that's what you're paying for...so you know what you're getting into when you spend the money. Now, it might not have worked under the old club plan, but it could have worked if Disney had advertised the club better as what it was...a theaterical experience. I'd personally rather spend my money seeing a show like the Adv. Club than seeing La Nouba).
The one thing you should know, I would never really consider myself a die-hard...I only went a few times. I certainly don't know everything about the club, not near as much as some of the other posters on this thread. I don't have near as much experience as the die-hards do, yet, I still loved the club. It was honestly some of the most fun I had on Disney property. It was truly unique.
With that being said...I found the entertainment value to be worth spending full price for admission to get in. Even if I wasn't seeing every single library show. There was plenty of entertainment value for me throughout the entire club. There was the salon, as was mentioned, the Mask Room, and the Treasure Room, all of which had different things to keep my attention peaked.
The Adv. Club was simply a place that I looked forward to going to. The entertainment value was there for the average tourist...but Disney didn't do a great job of advertising what exactly it was. I only found out about what it was (sort of) through websites like this...not a single speck of Disney advertising told me what that club had inside. And that, I believe is what lead to the most confusion about the whole place. Maybe if Disney had avertised it as a theater type show, it would have done better for the club as a whole. Unfortunately, they didn't.