imho the core value of this grant program could be the team/committee itself, if members are specialised on given area of expertise, many of concerns raised by @davebalter could be addressed.
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Evaluating results and quality control is easily mitigated by community or could be done in a form of a giving out a grant to bootstrap any such initiative to monitor and evaluate the results of other grantees
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Concern of framing is no concern, as its probably the applicants themselves who would raise and formulate the best ones, and committee here would be just need to recognise its necessity and value
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Full time individuals, I probably agree that maybe such work would require more hands and time allocation, thus maybe a possible solution would be to increase amount reserved for committee? Or another possible solution for example, if we can start with a similar payment scheme that of UGP, but if team would need extra hands, they could tap into talent from community in form of granting them some funding to help facilitate/outsource partially their work?
As @Naught has correctly questioned the scope of such initiative, I think there are almost infinite use cases for “analytical program” and thats is the beauty of it.
Grantees could range from anywhere a simple query writer on dune or an entire storyteller with visualised data on flipside, to a tooling or trackers of pool positions, swap flows, liquidity changes over time, and all the way to research of user behaviour, their gas usage habits and reasoning, compilation of data sets, MEV extraction aggregations, and much much more, I’m sure community would bring lots of cool new toys, contracts, tools, papers, value to the table.
Key is to have a group of people who are interested in data and have such expertise, thus would have better capability to organise and guide such initiatives for the benefit of the community, protocol and network in general.
P.S @wario you are behind the revert finance, which is pretty much pure analytics, plus you have raised valid soft transparency discussions, so maybe we could start with u 
P.S.S would be nice if such initiative will have more qualities of chain 1 ethos, elaborated to the next level by projects like LOOT or uniswap itself, not sure thou how it could be achieved? while having centralised governing body choosing who to fund or not, but definitely in this discussion it is a step forward, when compared to previous proposal, keen to see new mechanisms of releasing and directing funds, maybe have partial investments or longterm incubating with ability to knowledge sharing with some of the labs core team members or the analytical providers in the space and this thread!