Hollywood Naitch
The current reigning and defending
I'm going with Raven. Good enough wrestler. I think since the NWO started to get stale 1998 would've been a good time as I love cult factions. He had the look, the character, to mess with other people's heads. Since he is in Mensa he could also incorporate some of the evil genius in him as well. Looking back on it, it really makes me mad that Raven was never WCW champ ESPECIALLY when he led Raven's Flock.
I would loved to have seen Raven as WCW champion, I am huge fan of his work.
I think he had the gimmick, the look and the charisma to be champion. While his in ring work was a bit limited, mainly just brawling that never stopped someone like Stone Cold!
Raven is one of the best promo cutters I have ever seen, in a major feud he would be able to captivate you and make you emotionally involved in the story. Imagine if the storyline he had with The Sandman in ECW had been done on a larger scale in WCW, and he had stolen away the wife and child of say....DDP. That would have been BIG! The fans would have been way into it.
To sell a feud you need to be able to talk, and Raven was the master of this. He was always over in WCW, even as a mid-carder, and with the cult-like Flock behind him doing his dirty work, the sadistic Raven could have got into the mind of his opponents and had some great feuds.