I think the problem with an indy fed is the way the BTB is written and organized.
Take for example, the second/third biggest indy fed in Northern America; Pro Wrestling Guerilla.
PWG doesn't have anybody signed to a contract so anybody who works for them can work any other dates they want to as well, hence why they have always had the biggest independent names from El Generico, to Danielson, to Cesaro, to Hero, to CM Punk to Kevin Steen. They run shows every month and a bit, so the generaly end up churning around 10 shows a year. These aren't PPVs or iPPVs and the only way you can see these shows are by either attending the events themselves (the only run out of one building in Reseda, California) or buy purchasing the DVDs which are generaly released a month or two after the even has taken place.
On the DVDs, which is obviously how most people see the product as the venue in Reseda can only hold a few hundred, you don't see entrances. Theres hardly every any promos, the only ones you see are 2 minute ones before or after a match, and you only ever see one or two pre-recorded interviews. However, there are a fair few done heading in to the event. There is no commentary in between matches. As one match ends, it fades to black, enters a title screen hyping the next match (think a PPV match card here in BTB) then fades in to the action. Rinse and repeat for 8 matches.
Obviously with the lack of time they have to showcase their product (3 hours every 50 days or whatever) there is very little room for storylines or continuity so the product relys almost solely on it's in-ring action to sell it's self. That straight away would put people off doing a thread because everything will look like... Match. Match. Match. 2 minute promo. Match. Match. Pre recorded interview for a minute. Match. Main Event. Small segment to end show. No commerials, nothing to break it up or anything.
Yes, you could say "Oh give them a TV deal and some national exposure" but the problem then is that you aren't doing an independent promotion. If you have a TV show, surely you'd want to contract your wrestlers to your company to prevent any bullshit happening. Also, give it a TV show and your format is going to look damn near identical to Raw, Smackdown, Nitro or Impact. So you may as well do that thread, with the brand recognition of WWE/TNA/WCW/ECW but just bring in your favourite indy stars.
Thats the problem with doing an independent promotion, IMO.
Edit: I ...hed this so sorry for any spelling mistakes, couldn't be arsed to check over it. Should all make sense though