I think this could possibly work out, if they bring in foreign talent and indy talent like they've done with the world x cup, bring in the upper echelon of talent, and perhaps even have a knockouts match.
Lets take a look at who we've got:
FORMER X DIVISION STARS
AJ Styles, D'Angelo Dinero, Samoa Joe, Daniels, Jeff Hardy
FOREIGN X DIVISION STARS(Attainable)
Mistico, Tanahashi, Jushin Liger, Ultimo Guerrero, Alex Kozlov, Tyson Dux, Volador Jr., PAC
INDY X DIVISION STARS(Attainable)
Petey Williams, Sonjay Dutt, Jimmy Rave, Super Smash Bros, Teddy Hart, Jack Evans, Matt Cross
CURRENT X DIVISON STARS
Kiyoshi, Lethal Consequences, Suicide, Doug Williams, Amazing Red, Homicide, Shannon Moore, MCMG, Generation Me, Brian Kendrick, Shark Boy, Orlando Jordan, Sean Morley
X DIVISON KNOCKOUTS
Sarita, Taylor Wilde, Hamada, Madison Rayne, Velvet Sky
From my point of view, while they obviously won't get all of the indy stars, if any, and wont get all the global stars, if any, they still have a great roster on their hands.
If we take the indy and global roster out of the equation, we could put together this card-
World Championship
AJ Styles(C) vs. Jeff Hardy
A match that would sell well, and sticks with the X division theme really well.
Battle of the Classics
Samoa Joe vs. Daniels
Though its been done a few times, would stilll produce a great match and be a nice little selling point.
Return Match
Suicide vs. D'Angelo Dinero
These two had a great feud, and could reignite it one more time for this PPV
No.1 Contendership to the tag titles
MCMG vs. Consequences Creed vs. Generation Me
I think this match would make anyone jizz, and involves the tag titles
No.1 Contendership to knockouts tag titles
Ladder Match
Sarita and Taylor Wilde vs. The Beautiful People
A good way to include the knockouts, Sarita and Wilde definetely being X division style wrestlers, and the Beautiful People are X division as much as Doug Williams is, and the ladder stipulation only adds to the high flying, and would showcase the knockouts well.
X Division Title
Ultimate X Match
Doug Williams vs. Brian Kendrick vs. Amazing Red vs. Homicide vs. Shannon Moore
5 of the top X Division wrestlers doing battle for the X Division title in an X Division specialty match.
So, you could get a great card right now. Personally I would pay to watch this, and I think even casual fans would pay for sometghing like that.
But if they got all the stars in, they could put on an extravaganza like this-
World Title
AJ Styles vs. Jeff Hardy
Already been explained
Mistico vs. Daniels
A phenomenal X division match that could be incredibly entertaining.
D'Angelo Dinero vs. Suicide
Already been explained
Samoa Joe vs. Jushin "Thunder" Liger
This is an indy dream match that TNA could put on.
No.1 Contendership to the tag titles
MCMG vs. Lethal Consequences vs. Generation Me vs. Super Smash Brothers
Just adding the Super Smash Brothers into the mix
Petey Williams and Sonjay Dutt vs. Teddy Hart and Jack Evans
Because it would be awesome
No.1 Contendership to knockouts tag titles
Ladder Match
Taylor Wilde and Sarita vs. Beautiful People
Already Explained
Future vs. Foreign
Sean Morley and Orlando Jordan vs. Tanahashi and Volador Jr.
Some may remember Tnaahashi and Volador teaming up in TNA back in 2008 (?) a couple of times, and it would be interesting to see them against TNA's new superstars
X Division Title
Ultimate X
Doug Williams vs. PAC vs. Brian Kendrick vs. Shannon Moore vs. Ultimo Guerrero vs. Amazing Red vs. Matt Cross vs. Alex Kozlov vs. Homicide vs. Jimmy Rave
This match would be absolutely incredible, showcasing the past in Jimmy Rave, the foreign in PAC, Ultimo Guerrero and Alex Kozlov, the present in Doug Williams, Brian Kendrick and Amazing Red, and the future in Matt Cross and Shannon Moore, in an epic match.
The thing is, though the second ppv looks like it would be better, the first ppv would probably sell better than the second, and the matches would get more time.
So TNA are perfectly capable of putting on the ppv as they are, and it would actually hurt them IMO to bring more people in.