No, I get EXACTLY why he is in... he has tenure with the company, has remained somewhat popular and has done a lot of promotional work for the company... that is clear.
However, NO... I don't think he should be in ahead of certain deceased wrestlers and others who "contributed" more onscreen, Davey Boy not withstanding, there was talk of Bam Bam (who headlined a Wrestlemania) this year for example, to my mind anyone who was willing to put over LT in that way should be in ahead of Hillbilly Jim...but the other reason is he is alive to get the honor and not "broken down".
Likewise there are living stars who deserve it more than Jim OR Jeff Jarrett for that matter, Rick Martel, Ivan Koloff, Vader (no excuse on that one) and even Lex Luger who are not going in for either political reasons (they don't want broken down stars on that stage) or as they left the company for other reasons in the past.
Not everyone has to go in in one year, but at the same time, no can EVER say this years is a "strong" class... it's full of borderlines and dross other than the Dudz and Goldberg.
When there is talent out there who deserve it more but died, that's poor form.