The names with the * by it should have not probably won the title at all but hey thats my opininion.!!
WWF Junior Heavyweight (1967 - 1985)
Johnny De Fazio, Bradley Lowe, Jackie Nicholas, Carlos Jose Estrada, Tatsumi Fujinami, Ryuma Go, Tiger Mask [Satoru Sayama], Black Tiger [Mark Rocco], Dynamite Kid, The Cobra, and Hiro Saito
WWF Light Heavyweight (1981 - 2001)
Perro Aguayo, Fishman, Chris Adams, Gran Hamada, Villano III, Sangre Chicana, Pegasus Kid [Chris Benoit], El Signo, Aero Flash, Great Sasuke, El Samurai, Ultimo Dragon, Jushin Liger, Shinjiro Otani, Taka Michinoku, Christian, Duane Gill [Gillberg], Essa Rios, Dean Malenko, Scotty 2 Hotty, Crash Holly, Jerry Lynn, Jeff Hardy, X-Pac, and Tajiri
WCW Light Heavyweight (1991 1992)
Brian Pillman, Jushin Liger, Scotty Flamingo [Raven], and Brad Armstrong
WCW Cruiserweight (1996 2001)
Shinjiro Otani, Dean Malenko, Rey Mysterio, Jr., Ultimo Dragon, Syxx [X-Pac], Chris Jericho, Alex Wright*, Eddy Guerrero, Juventud Guerrera, Billy Kidman, Psicosis, Lenny Lane, Disco Inferno*, Evan Karagias, Madusa*, Oklahoma*, Prince Iaukea [The Artist], Chris Candido, Crowbar/Daffney [joint holders]*, Lt. Loco [Chavo Guerrero, Jr.], Lance Storm, Elix Skipper, Mike Sanders, Chavo Guerrero, Jr., and Shane Helms
WWE/F Cruiserweight (2001 2008)
Billy Kidman, X-Pac, Tajiri, Hurricane [Shane Helms], Jamie Noble, Matt Hardy, Rey Mysterio, Chavo Guerrero, Jr., Jacqueline*, Chavo Guerrero*, Spike Dudley*, Sho Funaki, Paul London, Nunzio, Juventud Guerrera, Kid Kash, Shane Helms, and Hornswoggle*
You to think if you going to be using both orgainzation to really defining the best Cruiserweight. Then you got to think hard because a lot of people that did win or didn't win were all talented. The WCW as a whole had the best talents compare to what WWE was using at the time. Yes, Malenko and Jericho was the stars that helped but as closely those two were you have to admit that Eddie and Rey were right behind those two as of making the cruiserweight division what it was in WCW.
This division I can talk about all day long if I had the time to do so.!
The top five that I believed that helped the WCW Cruiserweight Division was Dean Malenko, Rey Mysterio, Chris Jericho, Eddy Guerrero, and Ultimo Dragon/Jushin Liger tying in the fifth spot. I could easily ranked the WCW Cruiserweight Division during 1996 - 2001 era. I don't have time and its a lot of people to go though. Now the honoring mentions are that I believed help to finish the TOP 27: Billy Kidman, Chavo Guerrero, Damien 666, Elix Skipper, Evan Karagias, Halloween, Hector Garza, Jamie Noble, Jerry Lynn, Jimmy Yang, Juventud Guerrera, Kid Romeo, L.A. Parka/La Parka, Lance Storm, Psicosis, Rob Van Dam, Sabu, Shane Helms, Shannon Moore, X-Pac/Syxx/123 Kid/Pac/Syxx-Pac/Sean Waltman.
Their are probably some wrestlers that I didn't mention or that has been mention by others though.
Looking at what WWE/F Light Heavyweight Division before it joined forces with WCW talents.
Lets face it really looking at the rosters and who ended up champions is pretty funny. The wrestlers that helped or made this division in the long haul would be the following: Great Sasuke, Ultimo Dragon, Jushin Liger, Taka Michinoku, Christian, Essa Rios, Dean Malenko, Jerry Lynn, Jeff Hardy, X-Pac, and Tajiri.
These should've or could have helped WWE to make a great division if they wanted to. Their were some wrestlers I never heard of but WCW announcers knew their information about NEW wrestlers in this type of division.
Finally just going by with what we ended up left with WCW Cruiserweight and WWE Light Heavyweight Division should have been magical but it was done poorly. Yeah, we finally got some good fast paced matches here and their but the WWE never truly understood what this division was all about. I mean we will have to live with Hornswoggle as the last champion for this title which is a joke to be honest. A fan of this division. At least TNA first started knew how to use it time to time unlike the WWE. Its a shame and WWE could get anyone for this division and they still didn't do it properly.
Using the WCW Cruiserweight and WWE Light Heavyweight Title/Division. I will give you my top 25 of all time that had only competed in this divisions and company during the time and actually made a name for them selves.
Rey Mysterio
Eddie Guerrero
Dean Malenko
Chris Jericho
Jushin Liger
Ultimo Dragon
Billy Kidman
Great Sasuke
Black Tiger [Mark Rocco]
Tiger Mask [Satoru Sayama]
Brian Pillman
Dynamite Kid
Pegasus Kid [Chris Benoit]
Jerry Lynn
Super Crazy
Jeff Hardy
Tajiri
X-Pac/Syxx/123 Kid/Pac/Syxx-Pac/Sean Waltman
Juventud Guerrera
Psicosis
L.A. Parka/La Parka
Jamie Noble
Shane Helms
Taka Michinoku
Chavo Guerrero
Now if we were to add the X Division into this mix I will never stop talking or even get a top 25 because it would be at least over 100 because theirs been some great wrestlers the past two decades. Especially tag teams and stables to help some of these wrestlers get over more.
Just really looking into this division across the world their tons of talents that I never seen or heard of. But I bet the WWE could make money off this division since its in the PG era now. Plus give the smaller wrestlers something to do but then again WWE will still mess it up.
Some of these guys do deserve to main event here and there but not really winning the big one. Of course Jericho, Mysterio, Benoit, Hardy, and few others have done so. Did the deserve because they have been in the business long enough sure why not but most of the time after the win it. No one cares as much when they end up losing the titles because they end up somewhere in the midcard or uppercard of matches.