I like the idea. I’m sure Bond could get away with such a scenario. But the character would have to be top notch and instantly memorable. It’d be interesting to see how they did it.Probably, or at least if he were given the chance to play the Bond series' first ever truly well-written and fleshed-out villain with comparable screentime to 007.
This strikes me as a bit like Tom Hardy signing up to play the bad guy in THE DARK KNIGHT RISES - more than just yer usual villainous role in just yer usual action franchise sequel. Something that's relatively meaty and prestigious. Or at least I hope so.
Giving the villains more of the floor works well for Batman, mainly for two reasons. One, it aids Batman’s characterization. He is treated as a shadowy figure that lives in the backdrop. We learn and possibly empathize with the villain, who often is a new character for the film. All the while Batman is observing, and will sooner or later intervene at a moment of his choosing. We imagine what he is up to.
And two, Batman and his rogues gallery have been around for ages. I think because of that, people naturally have an affinity for wanting to see those villains in a decent sized role. Especially if these villains have regularly appeared in other media like comics, animated series, and video games. People have grown up getting familiar with them. Naturally, we want to see them re-introduced in rebooted continuity. Especially if it's been 19-16 years since they have last appeared in a previous series.
With Bond, I don't think people are sentimental to the villains as they are with Batman or say, Spider-Man. Every film has somebody different and nobody knows what we’re going to get. The video games toy with bringing back classic Bond villains like Oddjob and Jaws, but there's never been any real indication the films will follow suit.