It would be handy to create smart playlist (could be called channels)
Basically instead of adding episodes to the playlist you add shows and it plays the next, or random episode in that series for each show in the playlist. It should have the behaviour that when there are no new episodes for that series, it starts again.
You should also be able to select the my episode for the first time run.
You can already build smart playlists for tv-shows (by saving a custom filter).
What you describe appears to be more in line with an existing suggestion for “Pseudo TV”