I think they need to tweak it a little. Instead of drawing comparisons to Mankind, Cody should draw comparisons to the Phantom of the Opera. Paint the mask white, have him wrestle in a tuxedo, or have a tear-away tuxedo for him to wear. Hell, if Gerard Butler can be the Phantom, so can Cody.
I agree a lot with you here except I, personally would go for more of a Vega from Street Fighter look to his mask, and like Vega does he goes apeshit whenever someone damages his mask and absolutely dominates them.