I think that maybe using it in certain capacities (i.e. X-Division) would be a good idea.
Whether it was used only for X-Division ppvs, or x-division matches in general, it would be a good "compromise". It may be a pain in the ass to get it just right to make it easy to change rings in and out on tv, but I'm sure they could figure something out for the ppvs. Hell, have an already put together "X-Division ring" that could be lowered to the ground kind of like a steel cage during a ppv.
I would think it could actually work in that capacity. They tape Impact in the same place and could easily set up a formula where it wouldn't be that difficult to switch out rings during commercial breaks. And during the switches on ppv it could go to the obligatory commentary and/or backstage bit. Or even do something different. But I could see that being a big way to get the X-division back on track and giving it a little more focus and interest.