I reckon that if there is to be "rep" footy, it should be kept to the International Rules games against Ireland.
State of Origin has run its race and would be meaningless if reinstated. For example, The Adelaide list has 23 senior-listed players recruited from other states and Port Adelaide has 18. It's not like it used to be when Whitten, Skilton, Barrassi, Matthews, Brereton etc played for Victorian clubs in the VFL and Robran, Kerley, Cornes, Ebert etc played for South Australian clubs in the SANFL.
As Mat said, the risk of injury is too great for a "showpiece" event. As a Hawthorn supporter, I can still remember poor Tony Hall injuring his knee after being tackled by his Hawthorn teammate Andrew Collins in a Vic v SA game at the MCG in 1989.