Cricket is no more complex than baseball - sure, like baseball, there's jargon and certain arbitrary rules, but the fundamentals are pretty straightforward, and can be taught in ten minutes. In addition, a hell of a lot more countries have some sort of cricket than baseball, which is very geographically limited.
As for qualification, there will be rankings, hosts and possibly a final selection contest.
I'd be surprised if they don't go on a 1 per continent basis for starters - GBR, AUS, JAM, RSA, IND, then the Host, USA, then one specifically from Asia (say, PAK) because of the five full members there (and to protect India for the money), and then one from a final tournament with remaining full members outside asia, two from Asia, maybe one Caribbean island, and handful of top associates - say NZL, IRL, AFG, SRI, NED, GUY, CAN, NAM
An Olympic 8 team comp is doable in a whole series of formats, though 2 groups of 4 seems the most obvious - although knowing the IOC it'll be one giant group of 8, to eliminate just two teams!