Absolutely not if it's Wahhabi.
What type of distinction is that? Do think there's some version of Islam that's compatible with modernity and liberal values?
I didn't really say it was a good idea regardless, but a Wahhabi Caliphate of any kind would be guaranteed to be absolutely awful.
That's kind of a buzz word, Wahhabi. In reality, there are no neat lines to draw between standard Suni Islam whether it's Wahhabi or Salafi or generic. It's not like Anglican vs. Lutheran vs. 7th day Adventist.
To risk oversimplifying, the more conservative schools of thought in Islam are more literal, committed to Islam as a total answer to everything and consumed with religion above all else. They've basically rotten away their rational thinking abilities with their religion. However, I don't think there is what we tend to call "moderate Islam" either. There are people who take religion less seriously and their rationality and humanity guides them to keep religion from clouding their judgment. There is no moderate, progressive version of Islam, there's no reform Judaism or Episcopalian equivalent in Islam.