I think it has been before hasn't it?
Just researched this and it was in the 1998 CWG as a 50 over tournament but wasn't considered a success. If you look at the squads that played there are some massive names and certainly wasn't amateur.
Personally I think this is a great opportunity for the ICC to expand cricket and have it shown to an audience other than cricket lovers.
Because of the games (Olympic and CW) I have found myself watching many sports I wouldn't normally and really enjoying them. I reckon this would happen with cricket too. However it has to be done right, needs to be quick and grab the attention of non cricketers.