It's hard to say who is ideal for this. Lanny never got over much with the fans so no one would know who he was. When you think of Savage, you don't really think of one classic rival he had other than Hogan. And its a shame that Miss Elizabeth can't do it.
To me, Hogan is a good choice, but only second best available. The only issue I would have with Hogan, is that he better not try to make it about him. I am one of the few Hogan defenders on WZ, and even I realize that there is potential for him to try to steal the spotlight from Randy. I don't think he will, I believe he will honor Savage as much as possible. He better do it right, he could lose some lifelong fans if he doesn't.
There are two people I personally would rather see.
1. Sensational Sherry, she was his manager for a while, which was possibly the biggest part of his career when he was the Macho King.
2. Bobby The Brain Heenan. Bobby was not a manager of Savage, but he called many of his matches, and they were a great broadcast team together. Plus, Heenan is the best pro wrestling personality of all time, and he be sure to do a good job.