As to a minor league team, there are about 15 men around the area that would love to play baseball owner. If only MU (or the city or the state or Jim Justice) would just build them a baseball park and rent it to them for $1/season. That is not going to happen.
The deal in Huntington is Marshall University. MU sucks up 100% of the available live gate sports money in this market. And that is great. I do not get the analogy to Kannapolis (suburban Charlotte), Zebulon (suburban Raleigh) or Hickory (way up in the monuntains with nothing else to do.) A better reference would be to places with a major college and a low minor baseball team. There are some (Lexington, Knoxville, South Bend, etc) but I still question if there is enough live gate money around after all the various Herds get their fill.
Charleston, with nothing else for common folk to do is a different situation, and even with that team is struggling, and will probably die out when the current city hall gang is gone over there.
Only one level is, IMHO, realistic. (I don't consider "independent" leagues to be worth mentioning). Rookie league (Princeton, Bluefield, Morganhole) which only plays from late June through August. That eliminates conflict with MU baseball and frees up student parking for its use. This is what the H-Cubs were. It would be OK, but its not a major deal. A full-season (April - Labor Day) league just will not work in Huntington. That is 72 home games per year, and would require scheduling around the Herd for the first third of the season (more than that if we anticipate improving the program to the playoff making level. 72 more live gate sports events, plus 12 to 15 more MU baseball conf. games, plus the MU non-conf. schedule being more accessable and realistic, is more live gate than this market can handle.
As to the lot, I would think the best use would be a hotel/conference center with a close relationship with the university, a baseball park, some light student and game going retail (bars, restaurants, 18 to 25 oriented shops, etc). The hotel/conference center should have a major conference going on across all the state's professions and all of MU's research fields all the time. Bank the rest for future growth, after building at least one new parking building.
As to a vet school, not happening. WVU cannot even support one. WV gets accomodated out-of-state in return for slots at some of our programs (HELP, forensic science, etc). Law school, if we ever get one, will be in South Charleston, and should be.