I think it would be a fairly good idea actually, but allow me to elaborate...
After seeing Final Fantasy VII: Advent Children, I was blown away. Such master as that, comes around oh so rarely. The plot and story of FFVII was adapted quite well into a movie format. Shortly after that, I saw Final Fantasy VII: Last Order, the Anime OVA surrounding Zack, Cloud, Tifa, Sephiroth, and the events in Nibelheim. It was sruprsiginly well done. I think that if FFVII Last Order is any indication, and FFVII Anime would profit quite well. Not to mention the legions rabid FFVII fans who would worship it.
Final Fantasy forayed into Anime before, but in both cases, the results were less than stellar. The first being Final Fantasy: Legend of the Crystals, or some such thing. It was a four episode OVA that took place 200 Years after the events of Final Fantasy V. It was entertaining, and an interesting distraction, but it lacked the epic nature that the Final Fantasy series is famous for. The second attempt being Final Fantasy Unlimited. It was good, it had interesting characters. Well, two interesting characters I should say. It was, however, again lacking in the epic department. It was funny, and at times quite cool. You can thank Kaze for that. Still, it was not quite worthy of the Final Fantasy name.
So I think that if Square-Enix did finance an Anime that chronicled the events of Final Fantasy VII, it would be a fine addition to the final fantasy name.
I also think that an Anime of Final Fantasy VI would be quite excellent.