Personally, I think if the title was put on Morrison right now then the same thing will happen which happened to CM Punk. A huge portion of the fans just couldn't believe Punk beating main event stars (partly due to losing quite often whilst holding the MITB case). His title reign didn't last long at all and it took Punk a while to get his credibility back before the recent MITB win and cash-in. It seems this title reign is different because Punk's had more time to be built up once more and is seen as a more believable main eventer.
I believe the same thing WOULD happen to Morrison. Though it can be argued the CM Punk's fluke cash-in after Edge was already attacked by Batista beforehand to win the title first time didn't give CM Punk the right push to show he's a main eventer let alone champion. After all, it was like taking candy from a baby, and it didn't help that he was face!!
So right now, no, Morrison + world title doesn't = ratings. I am a huge Morrison fan however, I'm just speaking in the view of many unbiased fans that flood the arenas night after night and all the internet smarks.
Therefore how could John Morrison receive the world title and not bomb?
It seems it's too soon for him to win the Royal Rumble as he hasn't main-evented a pay-per-view, yet alone Wrestlemania.
As stated above too, the MITB might not be the best option. It didn't work for Punk and he's a fellow face. If he was to go down this route the best case would be to have it cashed in to start a hard fought match.
I think the best option though however is to engage in an interbrand feud with HBK for Wrestlemania and have HBK (the man he's often compared to!) pass the torch in his final match, a face vs face classic built on respect. Wrestlemania is an event almost every WWE fan tries to watch and everyone would be aware of his huge win and HBK (Main eventer supreme!)'s approval. From there on, the real main event push of John Morrison could begin.
However, with Edge injured right now and Jeff Hardy maybe not signing. This could also be the chance to push Morrison in a feud with CM Punk whilst confirming the creation of two future headlining stars in the process. A CM Punk/Jericho feud might not work currently as it'd be heel/heel and would be in danger of making CM Punk look face before he's 100% grafted as a heel. So it seems WWE may be forced to pull the trigger on Morrison and at least get him in a World Championship feud straight after Night of Champions. (Unless they do a storyline with Rey wanting to claim both titles).
Either way, Morrison is a main event waiting to happen in my book. More than that, he's a brilliant champion waiting to happen too as he's athletic, charismatic and has a recognisable moveset.
That's Plantastic!