I tried to run the FB for a few seasons at Air Force in Smith, and I've recently decided to scrap it. I found it extremely difficult to recruit for--trying to recruit for speed is very tough right now, as the fastest guys are almost always the highest rated. I have not found speed to be distributed as randomly as other factors. It's easy to build a very good defensive team, for example, or a team that can rebound as well as the high-prestige squads, but I don't think you can build a team that will stack up with them on speed, even if you're willing to ignore other factors.
Just my .02. I also had the hurdle of recruiting from a fairly remote place, so by the time the higher-prestige teams and the sims were done I had even less to choose from. It'd probably be a little easier in a more populated area.