I think it would work better because the Marvel U has more of a system set up for 'street level' characters. It almost doesn't make sense that Batman can roll with the JLA, and there are some clear contradictions; War Games, for example, suggested he was an urban legend in Gotham, but in Identity Crisis we see him on a newspaper front page with the rest of the JLA (apologies if there's an explanation for that, I don't read that much other JLA stuff). What's more, part of the rationalisation given in Identity Crisis was that the 'big two' (himself and Superman) were always running away to deal with their own issues instead of helping the JLA clean up theirs; yet when Batman runs off because 'Two-Face is robbing a bank', any one of the members who lament his loss could easily have jumped in and solved it, some in a matter of seconds. He may be the world's greatest detective, but 0.3 IQ Kon-El could work out who's robbing a bank WHEN IT'S HAPPENING THEN AND THERE.
In the Marvel U, there's a bit more of a social gap between the street levelers and the outrageous superpowers; a little less now, with Bendis's Avengers stuff, but certainly when Miller, if he said it, said it (as he hasn't said anything without swearing profusely since well before Avengers Dissasembled) . Captain America told Moon Knight to stay the hell out of the Civil War, and eventually extended that to The Punisher; Daredevil tried his best not to get involved in the first place. And as far as I know, not one of them has ever been to space; Batman's gone thousands of times by now, and should probably have equipment that just lets him see through time or some crap to solve crimes. In the Marvel U, he'd fit right in because he WOULDN'T be accepted; I think the 'Iron Spiderman' suit is a good example of the difference between a street level outsider and someone on the top tier payroll.
EDIT:
Oh, and for the people mentioning Punisher/Batman, there were two crossovers in the 90's. First I haven't read, but I think it was with Azrael, so I guess that doesn't really count; in the second, the Punisher is about to shoot the Joker before the Batman steps in and tells Joker to run. At which point he punches Frank, and tells him to stay out of Gotham. So he lets TWO homicidal maniacs go. Doesn't even attempt to arrest Frank, nor chase after the Joker. Worst. Vigilante. Ever. Good thing it's non-canon...
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