Well I personally can see this happening ONLY if his fitness lets him, there is no other factor to keep him away from doing it, its purely down to his fitness, he has lost absoloutly nothing else since he retired, skill, passion, determination, drive, motivation, will etc etc ... that never dies in a TRUE racing driver, you just have to stop when the body can't take it anymore and I'm sure his can.
As for the team, well Mercedes is a VERY viable and realistic choice, its a German team with a German engine and it would also partner him back up with Ross Brawn and re-establish that ultimate duo that was SO dominant for half a decade and also prior to that in 94&095.
As for the sport I think it would be VERY good news, with all the politics last year of Crashgate and Liegate etc it's what the sport needs and its also an excellent chance for the newer breed of driver like Hamilton and Vettel to go up against a true racord breaking legend that Schumacher is.
As for me being an F1 nut, I would love it, I've supported Schumacher for the entire time that I've been watching the sport which is since 1992, even through the times of Nigel Mansell, Damon Hill and other brits he has always been a firm favourite of mine, he has something about him that even now, nobody has, I never saw the Schumacher spark in any of the races this year regardless of who was upfront dominating etc, they just don't have it and thats been the same for me since he retired, F1 lost something when that happened and at the moment only Schumacher can bring that back.
I guess what I am trying to say is that without him I don't see a star, I don't see someone who's name will ring out as being an all time great like the others, Fangio, Hill, Clark, Senna etc ... maybe all of that with the current crop of drivers is still to come ... who knows but in the mean time I really think a return is on.
Stu