Maybe radio programmers need to go back to the original definition of "standards", then apply that to modern music. In the really olden days, "standards" were the songs that all popular singers often included in their acts. In the days before every singer also had to be a songwriter, there was a "standard" repertoire of songs that all singers or bands were expected to be able to handle, including adding their own unique arrangements or interpretations. Back in the day, songs like "Cry Me a River" would be heard anytime you heard any lounge singer at a nightclub. And, on radio, you might hear that song by Frank Sinatra, Julie London, Jack Jones, Tony Bennett, or any singer of "standards".
Today, though not played on the radio, there are plenty of singers who sing modern "standards" like "Yesterday", "Lilac Wine", "The Power of Love" or other such songs. A modern "standards based" station might therefore program Celine Dionne's version of "The Power of Love" for two or three plays in one week, then the Laura Branigan version next week, and so on.
Would such an approach work? I believe ANY approach can work if done properly, and ANY approach can fail if done badly. I think a "Music of Your Life" variation, updated to the 21st century and done right and adequately promoted, could work very well. But, if done badly and/or not promoted through media that reach those who don't ordinarily listen to radio or who don't "dial-surf" much, it will fail miserably. And if that happens, the know-it-alls who claim that only their method of tight playlists and boredom works will point their fingers and say, "See, I told you so!"