No!
If you create a series, you have to make at least some of the main characters likeable. None of the "Equinox" characters were likeable.
If the scenario had been the same with Janeway and her crew acting and behaving in the same way as the "Equinox" crew, many viewers would have found it hard to identify or sympathize with them. Besides that, it would have been the opposite to what Star Trek stands for.
OK, we could have had some situations in which Janeway and the crew would have been faced with the possibility to behave like Ransom and his gang but I don't think that an "Equinox" scenario would have worked in the long run.
I liked Ransom, who would have been right at home on DS9. One of my major problems with Equinox was how quickly Janeway shut the door in his face. You would think that someone who had been through everything that he had (with a better ship, more crew and a few lucky breaks) would have been a tad more sympathetic to him.
The question that Equinox presented (and which Voyager never for a moment came close to even asking, let alone answering) is what would you do with a gun to your head?
It's easy for you or me to sit here, in our nice warm houses, with food in our bellies and running water, and take the moral high ground and condemn him for what he did . . . but if the situations were reversed, would we be any different?
Star Trek has pretty much established that humanity is only as evolved as it's technology. Take that away from them, to loosely quote Quark, and they will become savage again. For me, Equinox provided a tempting glimpse into that other world, the path that Voyager could have taken if only one or two things had gone differently. If that had happened, and the roles were reversed, would it be Ransom condemning Janeway for some terrible thing that she had done?
We'll never know, and it's a shame that none of these characters were ever seen again. For me, however, Equinox was fascinating in the moral gray area that it seemed to inhabit, before Janeway got all holier-than-thou and ruined it.
Well put Smeos!
I'm in agreement, I think VOY should've been more like Equinox. As for it working as a series, well, BSG is critically acclaimed and fascinating to watch imo.