I can see it working as a TV show. I think what you would need to do in order for the show to remain fresh is to have the character working toward something during the show. For example, like how Richard Kimble was trying to determine the killer of his wife on The Fugitive
The film worked because Cobb was essentially a fugitive and he was doing these "mind heists" because he was trying to get home to his kids. I only see a TV show working if the main character was trying to find out something or achieve something and that was the driving point of the show. It doesn't have to mimic Cobb's situation but something similar, or else I do expect the novelty of the concept would indeed wear off after a while.