It would be good to hear the bid criteria in full, but I suppose that's not going to happen.
Live does not have to mean live to the extent the NW was, and I think you will find all these live events are normally transmitted with a delay of several seconds, allowing operators to switch feeds.
That's what happens on live interviews on radio and TV, so if someone says something unacceptable it dumps for a few secs.
At the TT the broadcast would be from several places, so a switch to another feed would be possible.
However, the big problem I would see would be the difficulty of the TT or any other Manx-based event to guarantee running on time, due to the weather. Live TV coverage dictates that an event will, infallibly, be held at exactly the time the TV programme is scheduled. If we had a run of weather like this year's Manx... well..
However, if they are able to get the TT on TV worldwide as they are saying they might... that could be amazing in terms of encouraging visitors and also competitors in other countries who would see for themselves what we are so enthusiastic about.

Oh... I'm all for it, btw!