Tournaments like Copa would work well, provided not how 2020(1) was supposed to go with split hosts several thousand miles apart. (Colombia SHOULD have got it, but it was allegedly co-awarded to the Argies to prove they could behave themselves after that Boca/River fiasco in the Libertadores not long ago.) Include enough teams from CONCACAF and elsewhere (would love to see more Australia vs Uruguay) to puff it to 16 so you could do brackets that make more sense than this year's goofy set up.
That would be brilliant.
Larger scale stuff like WC qualifiers I don't think could work and too many teams like Peru, Paraguay, Colombia and everyone in CONCACAF not named Mexico would be pretty pissed they'd all be competing for like those last 1.5 spots. (And don't discount the Ticos, Costa Rica has done better than the US over the last handful of years.)