If this was a month later in the season, we'd probably be looking at a notable, if not significant severe weather event.
The shear will almost undoubtably be there, as models generally agree on clockwise-curved, enlarging hodographs late Sunday afternoon and evening. LCLs should remain well below 1000m and at least marginal instability is expected be realized, especially south of the KS/OK border. The dryline should surge eastward into the theta-e axis, perhaps faster than some model progs, while the system looks favorable, synoptically, as well.
However, one major issue is the warm sector. The models keep considerable cloudiness around, limiting the quality and size of the warm sector.
Only a narrow area around the southwestern Oklahoma vicinity is progged to have both favorable low level moisture, along with at least a possibility of convective temperatures being approached.
The issue is that even within NAM range (taken with a large grain of salt this far out), only a very tiny area (1-3 counties) comes within a couple of degrees of convective temperatures. The 00z NAM also shows no convection along the dryline. Widespread >75% cloud cover across areas east of the dryline in Oklahoma limits maximum surface temperatures to the mid-60s, generally, immediately ahead of the dryline. Given the forecast mid-level "warmth," we're going to need surface temperatures at least 5F warmer to overcome the capping inversion.
Synoptically, Sunday is actually quite similar to 2/28/12, however, the warm sector this weekend is significantly smaller and in return, much less impressive.
If we had a deeper trough, a la 2/23/07, better forcing and mid-level cooling would result in substantially greater certainty of convective initiation along the dryline.
Even the evolution of the surface low is not entirely clear. The 12z ECMWF shows a 995mb low up near I-80 in central Nebraska at 00z Mon, while the operational NAM still shows a focused low over western Kansas at the same time. The 00z GFS was somewhere between, while the 21z SREF shows substantial variability, ranging from an OP NAM solution to a more elongated low over the mid-Missouri Valley/Siouxland. It should be noted that the 00z GFS has improved the low levels thermodynamics enough to hint at convection along the dryline in western Oklahoma and even parts of Kansas.
Once we get into higher resolution model range and the operational models have some time to converge on a solution, then confidence may increase in severe prospects. Right now, the severe threat appears fairly conditional and perhaps less exciting than one would expect for such a scenario in early March. The ongoing drought and cloud cover issues east of the dryline don't help matters either.
Synoptics: Check
Shear: Check
Instability: Good enough, given the shear
Capping: A glaring issue given limited surface heating
Convective initiation: Highly conditional
Regardless of the exact placement, a 995mb low in the central Plains in April would generally result in a regional severe weather episode. March is a different story, especially early in the month, where a drought is ongoing and low level thermodynamic profiles already look fairly meager.