Is there the slightest chance a 'new' Pompey would be accepted into the system at all? I can't imagine they'd bother below step 5.
I'm amazed a breakaway, supporters owned club hasn't already formed. There's no reason such an entity - Portsmouth United perhaps - couldn't start off in the Wessex League with crowds of 1-2000.
If this fiasco has shown one thing, it's that single benefactor models are ripe for disaster. Better to have your own club operating at a sustainable level, than risk it being thrown to the vagaries of asset stripping snd speculation.