I thought about this a long time ago, and I still think it would work. You could pretty much tailor the series after each comicbook issue because each are just about set up as episodes. You start it off with Grayson being sent to Bludhaven by Batman to investigate a weird series of murders, which Grayson bedgrudgingly does. Then he decides to stay in Bludhaven and establish himself as the city's protector. Grayson works as a bartender, has a flirtatious relationship with his landlord Clancy...it would be perfect. It could be like CSI, Without A Trace, with a costumed hero and a bit more fun. He'd be a bit like Spider-Man, only darker. Only thing to work out is fight choreography and his roof to roof travels.
Here's the basic premise for the first arc:
At Batman's request, Dick journeys to this former whaling town-turned-industrial center to investigate a number of murders linked to Gotham City gangster Black Mask. Instead, he finds a city racked by police corruption and in the grips of organized crime consolidated by Roland Desmond, the gargantuan genius Blockbuster.
You could spend a few episodes on that.
You could always go back and show flashbacks a long the way. Maybe have Barbara Gordon could be a regular through a video screen. Tim Drake could make a guest appearance. And maybe we could hear Grayson talking to Bruce (with Conroy voicing) over the telephone. Same with Alfred.