I personally fail to see how Laguna Seca can be seriously considered/rumoured by the paddock. Tilke would just drown the whole place in asphalt and then draw some white lines that would be vaguely reminiscent of the original circuit.
As others have said, cars might be nice to watch driving there, but the racing wouldn't be good. There's no infrastructure that could host F1 either. Everybody would lose.
I think we cannot exclude the possibility that Bernie is just throwing some rumours around to put pressure on somebody else. Maybe he's extorting a lot of money from Austin, and now as his New Jersey threat becomes unbelievable, he pulls some other pipe dream out of his rumour box. The way Bernie handled the TV interview with Ted seemed to me that he planted that rumour on purpose - if he'd be really close to something, we probably wouldn't know yet.
And even if F1 is going to California (IIRC correctly, Bernie explicitly said California, not just West Coast), wouldn't it be more likely to be some provisional street track drawn on some parking lot in Disneyland or L.A.?