Sure, it's been done before, but looking at the end result though, I'm not sure if that's a strong argument for whether it should be done again.

Look at the end state of the US auto industry. It's uncompetitive in basically every part of the world and thus basically irrelevant, except in the US. Unless somehow something different is going to happen here, this could end up with Intel continuing to perform poorly, negating the point of keeping it alive to begin with.