Personally, I'd like to see Morrison finally tackle the team he started during his stint on JLA by starting a Global Guardians series. He revolutionized both the Doom Patrol and the JLA. Maybe he could do so for another disenfranchised DC property (albeit a more obscure one). I read in an interview that he had (literally) pages of backstory on each of those guys. In all honesty, I know I'd pick up the book. Heck, I'm sure Morrison's the only one over at DC who still knows they're even around...
Also, I'd like to see Morrison and Waid get their heads together for that "Hypercrisis!" project that they were rumored to be working on. It'd be a cool thing to close up that can o' worms that Waid opened with The Kingdom. (I mean, seriously - we had a Crisis to get rid of the continuity errors associated with a multi-verse! Why intro a NEW one?!)
In all honesty, there are a TON of titles I could forsee Morrison handling very well. My personal preference would not be to put him on a solo book (like GL or Aquaman) and definitely not to put him on a big name hero book (like Supes or Bats). His work on Doom Patrol, Fantastic Four, JLA, and New X-Men really shows that Grant has a particular flair for the team dynamic and, given the right characters and motivations, would be able to pull off something truly new and exciting at DC.