I think you just listed all the reasons why Hogan shouldn't be anywhere near the ring, in any sort of a match. Hogan's well past his sell by date, and is doing fine at what he's doing now, shilling the network. He's also the best promo artist I've ever seen at promoting the one thing he cares about the most, himself.
He might be tough, but he's been out of it for a long time, and medically I don't think they would clear him. The last thing the WWE want is people paying $9.99 a month, to watch Hulk Hogan, arguably one of the best coming into the the ring, only to be stretchered out. Medically and psychically he's just not able to do it. The mind might be willing but his body won't let him.
We all know Hogan shouldn't wrestle, Hogan himself has acknowledged he should stay out of the ring. But that's not the point. As long as he feels he could get through it relatively unscathed what's wrong with him having a tag match of some sort? I would assume Hogan would go only do what he physically knows he could do without serious injury. He got through his match with Sting at BFG and really I think he's pretty much in the same shape now as he was then.
In a tag match he wouldn't have to take many bumps(if any) tag him in once or twice let him "Hulk Up" hit the big boot and let someone else do the finish. Very minimal risk.