I would say do it if the AAC: (1)deliberately opts out of the G5 (making it officially INeligible for the G5's NY6 bid and NOT part of the G5 anymore), AND (2)signs its own New Year's bowl game to host its champion.
THAT is the only move that could truly legitimize the expanded AAC as a true P6 conference.
I say create an "AAC Champion" bowl and beg, borrow, and steal, use conference TV money if you have to, to get the best bowl game and highest-quality opponent that you can on New Year's Day, New Year's Eve or the Saturday before New Year's. I think you could land the #3 team from the PAC or B12 in a bowl game in Texas (Alamo or Texas Bowl) or the Liberty Bowl in Memphis....may be an outside chance at the Las Vegas Bowl.
I think the expanded AAC could also claim a Holiday Bowl affiliation - with San Diego State (the host stadium) and BYU, Boise and other top AAC schools eligible.