I definitely believe that Velvet Sky can fly solo, and the reason for it is surprisingly simple. She's hot, and unfortunately in the world of professional wrestling these days, whether it be WWE or TNA, that's really all that matters.
Velvet, or any of the other divas or knockouts, does not need to be particularly gifted in the ring to get over. She doesn't need to be able to carry a storyline. She doesn't even need to be really strong on the mic. As long as she looks good, and is able to at least look plausible in the ring and be able to speak to a limited degree on the mic, she'll be just fine. It's too bad in a way that women's wrestling has degraded to this point, but it has.
I'd love to see Velvet Sky go solo and leave TNA for greener pastures in WWE. A Maryse/Velvet feud would be excellent. No, not a technical masterpiece, but a sight to behold.