I'm not sure what the whole point of this is unless Booker is being 100% serious, which I highly doubt. Graves can't get into the ring again, that's a pretty well known fact so again... what's the point? I don't know if Booker and Graves came together and said "let's get something going so we can make a push towards a Mania match," or Booker's just going into business for himself but the situation is strange.
If this was a shoot, Booker would be gone tomorrow. You can't publicly threaten an employee and you sure as hell can't say you're going to whoop his ass if you see him "on the street." But again, shit's a work. A work that has no endgame as far as I can tell.