No doubt, the mere mention of the word "Wildcat" causes Jets fans to cringe, but it wouldn't be the Wildcat, technically, unless they keep Geno Smith in the game and direct-snap it to Michael Vick.
It probably would make more sense to replace Smith with Vick, letting him run the read-option. Obviously, Smith is capable of running the read-option -- he did it a lot last season -- but he's not in Vick's league as a ballcarrier.
The case for this is Vick is too good of a weapon to be on the bench, but the downsides seem far more numerous. It could disrupt Smith's rhythm, for one, and perhaps mess with his confidence, knowing he has to share time with Vick. It also exposes Vick to injury.