While I think an S2 Angelus could be a hit, I'm not sure where the cost savings would come in. For the S2 line, the bulk of the savings seems to be in the reduced handwork - no sanding a bevel, etc. There's some material cost savings with the neck construction, and the outsourced electronics. For the acoustic, you'd lose a fair amount of those savings. I'd love to see it, though.
FYI, the SE acoustics are an incredible bargain. If you don't have an objection to an imported instrument, it's really worth checking out. Ricky Skaggs did an A/B at Experience a few years ago against a core line model (maybe one of the sig models), and said there was a difference, but not the kind of difference you'd expect for the difference in price.
