Could it work? Possibly if booked correctly. I mentioned some potential situations in the thread were people asked about dropping a title completely or in the one nearly identical thread about creating a new title.
If booked properly it could work. but they've had so much trouble booking in the last few years i have no faith in them doing so.
Now a lot of people mentioned the videogames and I got a chuckle. In every game since the first Smackdown, I've had my created character hold EVERY SINGLE title at the same time at some point in their 'career'. This includes in some games, the WWE, WHC, IC, US, European, Harcore, WWE Tag, WCW Tag, LHW, and even with some characters prior to 2008's when they stopped allowing a female created character to compete against male wrestler's, Woman's and Diva's Belts simultaneously, so bringing up what you have in a videogame like it matters in a real world situation is pretty silly. Especially if you've only managed to win and hold 2 titles in any of the games at the same time since there's a progression in the games that forces you to go after them in some kind of order, and once you win it, you move on to the next and barely have to do anything to defend since the game's plots focus on winning the next belt and not keeping the one you have. It's actually gotten worse each year. The original Smackdown series that moved into the SDvsRaw games had some actual story modes in them instead of what was essential just a one season worth of matches(start just after WM and going to next WM) with the same matches against hte same people no matter how many times you go through the cycle. In then first game, My character's career lasted about 12 years before I stopped playing because I started on the next game. Each year had a totally random series of matches instead of the same ones against the same people at the same events. And If you won a belt it changed the reactions and cut scenes and if you lost, you had to work up to get another shot.