It would be awesome if you or someone could make a similar version for New York City.
Make it a craigslist of startup/tech discussion and maybe even have the best local content percolate to a top-level/global page.
I think if you stayed on a local page you immediately get back to a vibe of the early days of HN simply because of the reduction in readers/commenters and realignment of interests (ie: the startup scene in Singapore).
Not that I don't like your idea, just that what you're asking for is a reduction of scope that I think pg has specifically not intended.
i would say that this is a great effort to start the discussion on region specific info relating to start ups which I think is what HN is not able to provide.