I like the idea of Starfleet Academy, and honestly, we have been there, and it was very very good. Just remember the game of Starfleet Academy. It was a very good game with good plot and characters. I love that.
The story of the game was simple. The time line was happened around Star Trek II, I think. The main characters were the group of Students who faced the challenge from the mentor (Sulu, Kirk) in a bridge simulator.
But I guess, the story of the series can be expanded. Like the main characters have rival students from the Red Shirt or anything. Or maybe because the elite students Red Shirts were arrogant, the main characters group (who are actually an underdog) give their best to win the rivalry.
In the rivalry, the students will compete to use the elite Defiant Class Starship, and the loser will use the out of date Miranda or Excelsior Class Starship for the away mission. It will be fun.