Terrible idea imho.
If anything the WWE needs LESS belts. As it is the midcard titles are already next to meaningless. Add another belt to the mix and you can scratch the "next to."
Remember the dark times when the WWF had like a billion belts? WWF champion, IC champion, WWF Tag Team champions, European champion, Light-Heavyweight champion, Women's champion, WCW champion, US Champion, WCW Tag team champions and cruiserweight champion?
It was a total clusterf*** and as Mick Foley put it back then: "You see a guy walking around with no belt you think there must be somehting wrong with him." It totally defeated the purpose of having championship belts.
Keep the belts special. That means there can't be too many of them.
By the time they had to worry about the wcw belts, they no longer had the light hevy weight or cruiser weight, the European belt was gone as was the hardcore belt. They did have unification matches to try and group the belts together but then they did the brand split and had to separate the belts for each show. Since that has slowly been pushed aside, they've re-united the tag belts because they have a weaker and less focused tag division, the diva's and woman's champ were not really merged, they basically just phased out the woman's champ and kept the diva's, which shows that they don't care about woman's wrestling as much as they do so called divas.
What they should have done was maintain the importance of hte IC and US belt and kept the brands separated. Have Smackdown and Raw have nothing to do with each other, with no wrestlers appearing on both. But considering the writting issues they've had the last few years, this would put too much stress on creative. They could have made Raw the show for the recent style wwe matches and have Smackdown as the technical/tag/cruiser showcase. They had the talent in the various styles to make this interesting and people would have a real choice to demsonstrate their preferences by watching the show that featured their desired match styles.
Here's what I would do:
Reinforce the brand separations. There are enough in the roster and with NXT to offer a lot of options on 2 separate crews.
If as people seems to want, must cut titles, one option is unify the wwe and whc title, and keep the ic and us as separate titles as the main title each show. The wwe/whc champ is the only one able to appear on both shows, and at each of the 4 main ppv's there is a title vs title style match where winner is wwe champ looser is which ever he was facing (ic vs us) or alternately, he's number 1 contender and there is a mini tournament to get new champ. This helps with storylines as this would give a lot of options and exposure as for roughly 3 months between each of main 4, there are ppvs headlined by each show's champ. wwe champ can float through both shows feuding each month/ for a 2 month period with a different person or group. One month he faces a raw opponent for the belt, next month a smackdown. Or even keep those matches non title, but instead as #1 for the person's brand. ie raw wrestler beats champ, gets title shot at ic champ, which if wins, could lead to title match against wwe champ.
This would bring focus and importance onto who holds which belt and would mean that creative would have to be on the ball with their storylines since they could change so often.