Whenever I see another plan to save track and field on this site the first thing I think is who's going to pay for this? There's no business model with this plan...who's going to buy the tickets? Golf and tennis have a large base of upper class participants and fans that follow those sports. That's why there's people willing to spend thousands of dollars for a seat at Wimbledon and investment firms and luxury car brands pay millions to advertise to golf fans on television. It's no coincidence that two of the most successful professional track meets every year take place in some very wealthy areas: Monaco and Zurich.
Track and field has several problems: it's small fan base tends to be lower and middle class [except in parts of Europe], it doesn't appeal to the broader sports audience and there are few adult participants. Whatever people come up with to "save the sport", they need to address one or more of these problems first. However you feel about the IAAF and Coe at least he is trying to address at least one of these issues by repackaging the Diamond League meets as something that might appeal to more casual fans, and in places like Monaco and Zurich where those fans will be willing to drop some cash on tickets.
In my opinion track and field should double down on the World Championships and Indoor World Champs, they should be happening every year. Those are already the most popular meets after the Olympics. That would be two major meets every year that would keep the sport in the public eye. They can use the Diamond League (and other pro meets) as qualifying meets to give some kind of meaning to the regular season.