This all depends on how long the break is, really. If it's simply a few months, he could probably come back and take up his current role in the business again. But at the moment he's being pushed to the moon - you can't be pushed much more than being in a feud with the World Champion, and looking like a threat to him and the belt. If he leaves for longer than a few months, it's possible some of his momentum will have left, and he may not be able to fit into the same position. I completely agree with you if it's a few months, but if it turned into a year or longer like the last time he left the WWE, who knows what long term harm could be done?
When I saying long term, I meant if he left only for a few months, sorry if I didn't make that clear.
Anyway, Taker last year was being booked to the moon, arguably, because him and his feud with Edge was dominating Smackdown and was dominating the PPV's. And then he was 'banished' (got injured), came back after a few months, and Smackdown was fine during the time being. I'm pretty sure Smackdown can survive a few months with Morrison, Rey, Matt, Ziggler, Taker, Jericho, ect. But if it's a year, then thats where the damage will come into play, but that's where the beauty of the WWE draft comes in. If Smackdown is lacking
that bad, they can resolve it by drafting over a guy from Raw - that's purely the damage it'll do the brand.
Now the damage to Jeff, going back to my point about Taker. The guy left for just a few months, and after being involved in several WHC matches, he ended up in a feud with Show. Granted we all know that Taker doesn't like having the title, or being involved in it, hence why he only held it for a week in 2008, but still, he did lose momentum after he returned (going in, he had it, purely because of the hype), but from September - January, he was kept on the low down; but that's normally how Taker works anyway, he doesn't get built up until 'mania season - and them before you know it, he was back again, feuding with one of the greatest stars in the company. But look how over Jeff Hardy is, if he returns, the fans aren't just going to be 'Oh yeah, Jeffs back', the fans are going to be marking the hell out when his entrance music hits, which would = sales which would = a push. Also throw in the fact that Jericho left for a few years, and entered back in the world title picture on his return, within a short time, he ended up as one of the best heels in the company, and worked in that phenomenal feud with Shawn; and Jeff is more over than Jericho was to start.
It might take some time to put him back in his spot, but heck, the guy was suspended for 60 days last year and came back and within a few short weeks, had a #1 contender match with Cena, then within less than 7 months, he had the world title. If he's leaving on good terms, and maybe for a while, WWE will do anything they can to put him back at the top because they've needed/wanted him, and he's that damn marketable.