Well for starters I'm pretty sure that, unlike in the one shot original, erasing the names won't bring them back. IIRC there was a specific rule saying that one who has been killed by the DN could never come back, but correct me if I'm wrong here.
That aside though, it would feel way too convenient. Light was a scumbag alright, but if nothing else he stayed as he did for the rest of the series and didn't change drastically once he got beyond his original idealism and became a psychotic murderer. Light was a consistent character and didn't have any insane personality changes for the lulz, it just wouldn't work. Light turning around and deciding to bring everyone back is simply inconsistent with his personality. He's the type of person who's so dedicated to his beliefs that he'd rather die (or let someone else die) than to give up the notion that he's right. He would never take back the fruits of his effort, because it's just not him.
The show sucked, light was an idiot and got caught
I fail to see how Death Note sucked, it had a very captivating story with quite an amazing battle of intelligence. The psychological clashes between Light and L were very fascinating and it's hard to say that storywise it was objectively BAD. It's certainly a good deal better than a lot of other popular series, I'd say it's by far superior to Naruto or Bleach.
As for Light, he does some really stupid things but it's less of him being an idiot and more of him being really, really prideful. That's just his personality style, he's the type who will go out of his way to taunt his enemies just to prove he's right and they're wrong. It's a foolish move at times and it costs him a lot of security, but even I can't say Light's an idiot. Light's plan with erasing his memories of the DN and getting them back at the right time was pretty brilliant, and certainly a plan that anybody I know would have been unable to properly prepare or execute so it's not that Light is stupid. He just makes bad blunders because he's arrogant and childish, and that's a completely different matter.