As Vickie has been one of the most over heels in WWE for several years now, she's probably above the Divas Championship when you sit down and think about it.
I know the Diva Division as a whole is certainly nothing to talk about, and hasn't been for the VAST majority of its existence, but I think this feud would be the final nail in the coffin of credibility for women's wrestling in WWE. Vickie Guerrero isn't a wrestler whatsoever. She isn't trained as a wrestler and the few "matches" I've seen her wrestle have made me want to gouge my eyes out with a rusty butterknife.
At least the Divas are wrestlers. I know that most of them were hired primarily because of their looks. It's a hiring philosophy that looks to really being going away, however, with Triple H now in charge of WWE Development. Sara Del Rey, while a decent looking woman, can't compete in the looks department against women like Kelly Kelly or Maryse or any number of Divas that've come and gone over the last decade or so. However, most of the Divas can actually wrestle to some decent degree. Some of them are actually pretty damn good.
A feud between Vickie & Layla would only cause me to change the channel. It's true that the Divas haven't been seen on WWE television in a while. Frankly, if WWE currently has no intention of doing anything generally meaningful with them, then they shouldn't be on television. I doubt Layla vs. Vickie would make people care and it's universally a lousy idea when non wrestlers win championships or really even wrestle for them.