Blue Mountains would be nice for the tourist coin. Leura perhaps?
Though, speaking of locations i am always amazed that somwhere like Cockatoo Island in the harbour doesn't have something happening. So many large, industrial warehouses with cheap[ish] commonwealth sub'd rent. Funky cafe / food joint with BOP beers. Yum
I reckon I would stick a micro in the Imperial Hotel at Mt Victoria, and work on the 'old world charm' of the premises.
Cockatoo Island is a bugger to get to. I went there a while ago for an exhibit. I did have a couple of Bright Ales off tap while there, though it was a portable bar, not a regular fixture.