If this is a way for TNA to gauge what it would be like to go head-to-head with the WWE in it's current form, then I say why not. Go ahead. TNA at this point has nothing to lose.
Of course their not going to beat the Raw anytime soon ( or even come close anytime soon), but if this is a way for TNA to at least promote itself as just a KNOWN alternative to the WWE, then they should push this as much as possible.
While TNA has it's production flaws and can be all over the place with its storylines, I've always felt their main problem was their horrible publicity model ( hell, if they even have one!). Even though pro wrestling obviously isn't coolest thing to watch nowadays ( that's MMA apparently), it's still a strong enough enterprise and culture around it to draw viewers globally.
And there's a large portion of the pro wrestling audience in the U.S. that either don't know TNA exist or don't care that they do. That's the burden on Hogan and Dixie now. They've got to find a publicity model that will get people to know TNA exist, is a viable alternative to the WWE, and are worth spending money on, whether its merch, PPVs or live shows.
I don't know if they're ever going to get back the viewers who helped create the late-90s boom since alot of those people turned out to be band-wagoners who probably watch UFC now because that's the thing to do.
However, there's a huge chunk of the WWE audience that are "new" viewers, meaning they started watching pro wrestling post-Invasion Era and never had the option of a televised alternative brand before.
Because of this lack of alternative, I think Vince has been able to foster a heightened sense of brand loyalty in some of the younger, new viewers. Back when WCW and ECW were around, I think that fans loyalties might have been more split between liking the company as well as following whatever wrestlers they preferred. Now, I've noticed plenty of fans who don't want to give TNA a chance because a.) It's not the WWE, b.) their "mainstream" fans and don't like watching anything that looks 'minor league' a.k.a. WE want big arena and more pyro'.
Say what you will about WCW and ECW ( especially right before their demise ) but at least they were there provided that alternative.
It's the same reason why you'll end up the fan of the baseball team in your city. If you like baseball, and that's the only one constantly see on local tv, then it's easier to identity with them. But in a two team city, even if one is bigger than the other, the other team can make of the fans that the bigger team would have if there was only one, just on account of them existing.
I also, like this because it puts pressure on TNA internally.
Even if it's a 3-hour, one-off special at the moment, they know that their going to have to put their best foot forward, and hopefully they know they needs that they should prove how well they can succeed where the WWE can misfire.
That means they should put on some awesome Knockout matches so viewers can see how much better their women's matches are;
maybe they should have a tag-team tournament so people can see the depth of their tag division compared to the WWE.
Of course they should trot the X-divison out for an audience-pleasing spotfest, but most imporantly, they need to push how AJ Styles, and Daniels and Joe are in the title hunt so they can combat the stigma that TNA is where WWE rejects go and WCW has-beens get all the title shots.
If they thrown in some plausible drama with Hogan, Jarrett and Foley, that's fine cause that's where Hogan needs to fit into the storylines, but the show needs to be about Hogan pushing the TNA younger stars ( if the guy has it in his soul to do so ) because they are the future of pro wrestling.
So I say go for it with when it comes to this special. Even when the ratings come out and TNA has gotten hammered, you can't say their not trying to step-up to the plate. At this point, you could argue if they don't get completely hammered ( as in there's some segments where their ratings move up compared to RAW ) then that's a win for them.
Of course the WWE won't even acknowledge that TNA exist, but I wouldn't be surprised if they ask Rocky to host that Raw either.
On the other hand, if MNF isn't on, that should help both shows.