I've thought about this too, it would be awesome. But it wouldn't be original. Indiana has their state silhouette at midcourt and UNC too. So it would be a little copy-cat like, but it would still be sweet.
I am in favor of the yellow paint. The black is okay, but that's because it's black- and anything black always looks pretty good (in moderation). The yellow would be unique and a great throwback.
What really bothers me (albeit nothing) is the decals/logos on the court. The mediacom stickers really annoy me. Yet, the name Mediacom Court could be worse, it has a decent ring. If that is the actual name, why doesn't mediacom create a means to show all of the Iowa games on TV in the DM area? 'We're going to put a huge, ugly sticker on your basketball court, advertising ourselves, and not even show your games?' Mediacom wouldn't even agree to the BTNetwork for the longest time. So all in all, I kind of despise Mediacom, and the floor decals.
Last but not least, the midcourt logo sucks. In my mind, if I were to imagine the one half court logo that I would never want as an Iowa fan... It would be an oversized tigerhawk. It looks terrible. I love the courts with old fashioned half court logos, in other words: a small logo that fits inside the halfcourt circle. Not some stupid KU jayhawk measuring 50 ft wide. I would love to see a smaller logo, maybe the same tigerhawk, or a block I or something.