I don't think it is the right time to start more sports right now. Would prefer to focus in improving the ones we have already and banking some of the ACC TV cash towards the new stadium for football and basketball.
That being said...
From the perspective of good geographic fit at Syracuse, hockey makes a lot more sense. There is plenty of talent within a couple of hours drive of Syracuse and there is plenty of interest in the sport locally. Would love to see us build an intimate hockey arena on the South Campus in the Skytop area that would hold around 3K. Use a lot of wood in the design, make it look old school but with all the modern amenities, including stainless steel pee trough technology. Maximize home arena advantage. For big games, could play at the War Memorial or even the new Dome, which should be capable of hosting hockey games.
The biggest reason baseball should be considered is because the ACC is damn good at it. There isn't much in the way of high end talent in our neck of the woods, the weather here is really problematic, as is the early end to the spring semester.
IMHO, if we ever do baseball, we need to design the new Dome to host baseball games, so the bad spring weather is no longer an issue. With the new technology for movable seats, it should not be a problem to design a dome that can have its seats reconfigured to serve as a relatively intimate basketball arena (this has already been done at other facilities and will surely be done with Dome II) and to host baseball games (some seating on the lower level would need to be collapsible, not unlike the old seating at Manley Field House.