Eh, it's difficult to say really because all of this is still so fresh in everyone's mind. Hogan dying would get a lot of mainstream media coverage, which would result in all this stuff that's been going on over the course of the summer with his racist comments being brought right back to the forefront. If WWE gave him some sort of send off, we all know that it'd be twisted by someone in the media that it'd be an endorsement of Hogan. I have little doubt that some fans would view it in that light as well. Hogan's place in pro wrestling history as its biggest star and all the moments & memories he helped create are still there, they can't just be erased and it'd be foolish to really even try. With that being said, try explaining that to people who either just don't care or don't wanna hear about it; even if WWE explained that it was to honor what Hogan's been to the wrestling industry and is completely separate from the Hogan who made those comments, it wouldn't matter to some. WWE is all about avoiding negative press as much as possible and this is one of those situations where it'd probably catch criticism from some direction no matter what. If they did, they'd be crucified by some fans & wrestling insiders and members of the "mainstream" media, if they didn't give him a send off, they'd be crucified by other fans & wrestling insiders. It'd be a no win situation for WWE but, in the grand scheme of things, WWE finds itself in that sort of position at least once a month though, granted, not exactly in something as controversial as this. Hogan's legacy is all but irreparably damaged because now everyone knows, not just hardcore wrestling fans, that Hogan isn't the sort of genuine, all American good guy that ultimately made him an internationally known, cross genre celebrity. As fans, we all know Hogan is as human as the next person, but people who lead public lives are often put on pedestals by fans though, in Hogan's case, he put himself on a pedestal.
Now, in a year or two, this will blow over and probably the only people who'll remember or give a damn will be wrestling fans. It'll be brought up and used as a club in any discussion or debate in regards to Hogan's legacy but, then again, Hogan's personal life and the fact that he was as imperfect as the rest of us in real life are already used to bash the guy so that in and of itself is nothing new. However, I do think that Hogan himself might be able to improve things for him a bit by taking responsibility all on his own, not trying to blame any particular set of circumstances, just admitting that he screwed up and that there's no excuse for it instead of simply trying to lay it all on his environment and where he grew up. Personally, I feel that's mostly bullshit as I grew up in the mountains of Eastern Kentucky and I don't use that word; my mother's 61 years old, grew up in the same area and she doesn't use the word.