I am not really seeing the benefits of this? What are they? It would make more sense to combine some of the other schools in the system, then to combine schools that are that far apart. While a bullet train would be cool, its way too expensive and simply doesn't sound feasible. As Sal added, the merging of policies etc. would be very difficult.
I also really dont think that the state as a whole would go for something like this... there is still too much animosity between the two schools.
I am interested in what the proposer and committee will outline, but I for one think this idea will never fly... and for good reason.