Owen was a good hand but, personally, I think, if we're talking about putting the lesser he should go in the HOF (if legal issues can be put aside) AFTER the British Bulldog, and possibly after Brian Pillman too.
Bulldog pretty much carried the WWF business in the UK in late 91 till he was sacked in 1992. He suffered from the same lack of personality as Owen (solid mid-carder but never the oomph to stick at the top of the card) but he helped save business a bit more when it was tough.
As for Pillman, he introduced the Western world to exciting lightweight wrestling (his match against Liger back in 91 is still probably one of the finest lightweight matches ever held on PPV, especially as there wasn't as much crazy flippy shit happening back then) and, between his amazing Hollywood Blondes team with Steve Austin and the mental work/shoot "Loose Cannon" personality he unleashed on the world in 95, I'd say he had more of an impact on wrestling then Owen did (Austin himself states that Pillman helped him loads with getting to grips with a character the such).
So, yeah, Owen to go in, but not as quick as everyone seems to think he deserves. Hell, Rick Rude's not there yet either!!