Yes, it would give the Gophers an advantage. However, more people care about college hockey within 90 minutes of the Twin Cities than any other place outside of the east coast.
A St. Paul regional would have the following teams within a four hour drive: MN, UMD, MSU Mankato, SCSU, Wisconsin and North Dakota. That's 3 major hockey powers as well as a set of teams that regularly participates in the tournament.
Until Toledo and Grand Rapids can demonstrate that they can put butts in seats, they should be excluded from hosting events.