It's tough to screw up breakfast. Even so, I don't know that a breakfast place will survive there. Who goes out to breakfast on a weekday? Thus the business is mostly weekends. Unless they stay open for lunch, have extremely cheap rent or can figure out how to lure college kids oit of bed on a Tuesday, it will be tough sledding.
It can't be that hard to be better than first watch. Hell, Perkins, Ihop and Waffle House are better than First watch. Besides, breakfast places are for late night drunks, not for mornings.