You cannot suspend the card if Meddling Mage is already in play naming it.
The phrase "if you could play this card from your hand" checks only for timing restrictions and permissions. This includes both what's inherent in the card's type (for example, if the card with suspend is a creature, it must be your main phase and the stack must be empty) and what's imposed by other abilities, such as flash or Meddling Mage's ability. Whether you could actually follow all steps in playing the card is irrelevant. If the card is impossible to play due to a lack of legal targets or an unpayable mana cost, for example, it may still be removed from the game with suspend.
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source [careful, direct link to .doc]