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It would however, give rise to some interesting difficulties (by no means unsolvable however) of etiquette, since typically cardinals have been ranked in precedence ahead of bishops. I do think also that the considerations of the role of cardinals in some cases go beyond simply an advisory body to the Pope, and the extent to which they may have juridical functions, and that is why it was restricted in the first place to those possessing Sacred Orders. In the very least also, there is the likely possibility of high confusion to people who are used to popularly associating the cardinals with holders of the episcopal office, on the teaching of the ordination of women.This is not really true at all.
First, the Pope is the supreme (temporal) lawgiver of the Church, and can amend or waive canon law at will. So, for example, even though Canon 351 requires that “those who are not yet bishops must receive episcopal consecration,” this rule has been waived in several cases for cardinals-designate who did not want to be consecrated. The most recent instance was for Domenico Cardinal Bartolucci seven months ago.
Likewise, there have historically been “lay cardinals,” who were not priests at all, though most or all at least held some minor order. The last one died in 1899, but in modern times there is absolutely no reason why a pope could not grant an exemption from the requirement. In fact, in 1968 Paul VI essentially offered a red hat to lay theologian Jacques Maritain, who refused the suggestion.
So the fact that someone is not ordained a priest has no bearing on the issue of whether it is possible for them to become a cardinal. Many people make the mistake of thinking of the cardinals of holding sort of the next “rank” above bishops and archbishops, like colonels are above majors. This is not accurate. The cardinalate is not an order, or even really a religious office. The cardinals are simply one sort of functionary. Personally, I am largely of the opinion that, other than the fact that it has never been done before, there is no reason why a woman could not be appointed cardinal. Certainly no theological reason.