The thing that no one seems to remember is that Russo DID kill WCW....in the ratings, when he worked for WWF! Not enough people give him credit for bringing Raw back from the dead! The WWF was so close to going under, until Russo & Ferrara (and VKM, of course) decided to start writing dirty story lines. It worked, they absolutely CRUSHED WCW in the ratings eventually.
The reason Russo & Ferrara went to WCW is because they offered a lot more money than they were being payed at WWF. After blaming Bischoff for the decline in ratings, the WCW higher-ups thought Russo & Ferrara could "save" the company. Unfortunately, the damage had already been done, and there was nothing anyone could do to save WCW, because of the impending AOL/Time Warner merger.
Now....with that out of the way, I think Russo & Hogan CAN work together. I think Russo now knows that he doesn't have another option...at least not in the wrestling world, what other company would hire him? I think Russo will swallow his pride, and collaborate with Hogan & Bischoff.
As long as Hogan & Bischoff don't try to turn TNA into another trip down "nostalgia lane", like WCW was with all the old-school guys (Savage, Flair, Luger, Piper, Hacksaw, etc), they might be able to come up with some great programming. You could bring in some older guys, just don't put them anywhere near the title-scene.
Every one of us here knows that these are some of the biggest egos in the business. I'd even go as far as to say that Hogan's ego might be bigger than McMahon's. I think Russo's head has deflated considerably since his days with WCW, and he'd be more willing to work with Hogan, provided that he doesn't want to put the belt on someone who's over-the-hill (ie: himself).
I've said this in other threads, but it bears repeating. TNA needs to exploit their TV-14 rating, and focus on dirtier story lines just like WWF did when WCW was burying them in the ratings. That's what pulled them out of the gutter then, and it will work again. Focus on the younger talent, not the out-of-shape veterans. Hogan has been putting over the young guys in recent interviews, so hopefully that's the route they're going to go.
If the four of them (Bischoff, Hogan, Russo & Ferrara) can't work together, obviously Russo & Ferrara will be the ones on the chopping block. I think Russo will bend over and take whatever he has to, just so he can keep earning a paycheck.....but hopefully he won't have to, and I pray that Hogan & Bischoff won't make the same mistakes twice. I really enjoy TNA, and I don't want to see those two ruin a good thing.