Hmm. Interesting thought. Of course, by interesting I mean totally stupid. The street fight prior to the scramble match was the blow-off to the feud between these two. After this, Jericho went into a short program with Batista, then feuded with Cena for a while. The scramble win did absolutely nothing for the Michaels/Jericho feud because at this point, the feud was over.
I agree with the earlier post that mentioned Andre's 11 second title reign. While this did nothing for Andre other than give him the title he had never won (for a few seconds), it had a huge overall impact.
1) For the first time in 4 and a half years, Hogan was not the champion. This was HUGE at the time, because there were a lot of fans at the time who had literally never seen the WWF without Hogan as champ, myself included. I started watching between WM2 and WM3, and I was watching that night on SNME when Andre won, and it was the first time I had ever seen anyone other than Hogan with the belt.
2) To my knowledge, this was the first time that an angle was ever run on a large-scale promotion featuring a crooked ref in such a prominent role. Today, we are used to the concept of a referee screwing one guy or another, especially with all the "special" referee matches we see these days, but at the time, the concept of a real referee being paid off (especially for such a high profile match) was shocking.
3) Even though he wasn't an actual participant, this match helped cement Ted Dibiase as one of the all-time great heels. The fact that he truly bought himself a world-title was appalling, even if he was stripped of it later.
4) The resulting world title tournament at WM4 led to the ascension of Randy Savage to the Main Event scene.
So yes, Andre held the title for only about 11 seconds, but the impact that reign made on the wrestling world was immeasurable.