First, Abyss has to win that title at Victory Road, but you never know this very well could happen.
At this point, I don't know how to react to such a scenario. Personally, and this is coming from someone who grew up loving what Hogan did, I still don't want to see it happen. However if there is a good story built into it, i.e. it gets dropped right back to Abyss and it's scripted as a convincing defeat, you never know. Granted Hogan was 17 years younger when he won the WWF title against Yokozuna in that impromptu match at WrestleMania IX, but the payoff to him losing to Yokozuna the next PPV paid off incredibly well. Yoko ran roughshod as a heel champion for almost a year, and then Bret Hart worked his way back up in the storylines and got the title back in a dramatic fashion. Now I don't want to hear people talk about the whole notion of him refusing to job to Bret Hart. Don't get me wrong, I love Bret Hart's in ring ability and grew up watching the guy just like I did with Hogan and I am not saying that Bret's an outright liar but all three sides in that matter, Hogan, Bret and Vince have never spoken together about this on TV to address the issues regarding the original plans for King Of The Ring, if there were any. While Bret winning the title from Hogan could have probably been bigger who really knows, after all Bret already won the title once. I could see if this was a scenario where Bret finally made it to title contention but considering he was already champion at one time, I don't think the match would have had the same meaning. With Yokozuna it definitely did though, because even though Yokozuna lost the title, he lost it controversially and even though Hogan was the good guy, it worked out very well because during the whole match at King Of The Ring, the announcers played right into the storyline, questioning whether Hogan truly could beat Yokozuna.
Anyway, I am on a tangent here, but as long as there is a payoff in the storyline with Hogan going for the title I say in many ways why not. As long as it sets up the opportunity for Abyss to come back and get that title right out of Hogan's clutches it could work. I mean just this year, Bret Hart won the United States Title, granted it was a secondary title and not the World Title but still WWE gave the title to an over 50 performer, who by all accounts for his own safety should've been very careful about getting back into that ring.
But all that aside, my personal opinion of how such a match should go down if the rumors are true is this way, Hogan gets the title shot at Abyss if Abyss wins the title, but I think it would be a better idea if Hogan just loses to Abyss right out and they don't trade the title back and forth. I say it would be interesting if it ended like the Lesnar and Hogan match where Lesnar just beats Hogan soundly in that ring. Even though Hogan's pushing 60 years of age, Abyss brutalizing him would be great to see and it would allow for Abyss to explain the storyline that he was using Hogan all along and that he was setting him up for this. Gives him more cred as the reawakened monster and it would look better for Hogan to do so.
Hogan seems to be high on Abyss from all accounts, i.e. what he has said about him in interviews and what you have seen of them in storyline. I would be massively disappointed if Hogan does get the TNA title, but for the sake of formality I am very prepared for such a move despite how I disagree with it. Who knows TNA and Hogan might just want to have Hogan set a pseudo-record as being the oldest World Heavyweight Champion in wrestling ever...which I think belongs to Vince McMahon was of right now when he won the WWF Title back in 99. (I don't think they counted the ECW Title anymore as a World Title when he won it from Bobby Lashley in 2007, but I could be wrong). Which when you think of it really is no worse than Hogan going for the TNA Title, but that's not to say it's any better.