You just wouldn't want it on your CV. Only way I would take it is if I got a three year deal safe in the knowledge I would get a big pay off when sacked 6 months down the line.
I think it's probably a no lose job, expected to go down by pretty much everyone in football. Keep them up and you are a miracle worker, go down and there was little that could have been done with such a budget.
It's a bit like Gerrard at Rangers. Some pundits said it was a brave move. If he finishes above Celtic he wins the league, if (in all likelihood) he finishes 2nd to them he's done ok. Below 2nd and he's a failure, but given the poor standard up there, and his contacts for loans, that ain't going to happen!
As for not wanting a Macc relegation on the cv? Reckon it might appeal more than standing in line at the job centre.