I don't see it goign anywhere either. The only way I can see the concept working, is to base the show around his mother (played by Laurie Metcalf) dealing with Sheldon and his siblings.No. BBT is an ensemble show. It isn't going to work by spinning off a character and no existing cast.
For that matter, it is tough to think of a legitimate successful spin-off. Not counting the single episode intro episodes like Mork's appearance on happy Days. The only one I can really think of is The Jeffersons. The others all tend to be one season wonders.
Basing it around a kid Sheldon is a sure loser. It's like with the Simpsons, which found it's groove by making Homer the focus of the show instead of Bart after the first couple seasons.