http://www.smh.com.au/news/film/latins-got-mass-appeal-salma/2007/04/10/1175971071909.html Here's the scoop on Salma Hayek's hook-up with MGM.
By the way Moxie, perhaps an answer to your question might be found by asking Latino porn producers in the US, like TT Boy...why aren't they doing it?

Speaking from personal experience doing affiliate work for websites, the Latina niche has been an absolute sales dog for me unfortunately. I'm seeing parallels with a topic pornlaw posted over on AZT, asking whether it was time for a black contract girl (he's not exactly unbiased on this issue, lest we forget!). I think the same answer applies to both...if it makes good business sense, and the market will bear it, then it will happen. The fact that it does not happen leads me to believe that is either not fiscally viable, or simply that there are safer bets.
Your idea of drafting in a management team sounds like reality TV gold, however...