I did one on IGN about 3 years ago with Army that I loved, and got some decent reviews on. (Here it is for anyone interested in looking at it:
http://www.ign.com/boards/threads/ar...post-181172370) I tried to keep it as realistic as possible, as I hate dynasties that have a team dominating too quickly. My PS3 broke though a couple games into year 2 which abruptly ended it.
I always focus on online play the first couple weeks and try and get as highly ranked as possible. I was up to #4 in 2011 and got up to #30 last year. After doing that for a few weeks, I'd definitely want to do a dynasty here.
I would either do a rebuilding one with either UMASS, Army, SJSU, UNLV, Idaho, North Texas, or Tulane, and the team be an Independent, or I would do a Teambuilder one with Georgetown and have them be Independent. I think most people would enjoy reading it, as I keep my dynasty progression as realistic as possible.