I think it could work if they wanted to bring in another Championship that wouldn't get a great deal of honor. By that, while I think they could have more actual legit teams in their Knockout's division than the W.W.E actually has in their overall Tag division.. the fact is, too many titles ruins a Company more than helps it.
I like the idea for the reason that they have at least 4 good teams right now. Those being.. (w/ explanation)
Awesome Kong & Raisha Saeed: This would be the dominate force within the division, much like Kong is in the Knockout's regular division. Saeed is a very great Knockout and deserves more of a chance to shine. It could be in Tag Team matches, that she gets that opportunity. Especially considering in single's matches, she's used as the individual that sets-up Kong's next opponent.
Sojournor Bolt & Rhaka Khan: While neither is that great of a Knockout to begin with, and Khan has more risk than reward to her.. it's a decent enough middle team that could make headlines in shocking ways. Khan's taller than any other Knockout, so this would be similar to that of a "Great Khali - Daivari" type team. One has zero talent, but massive size.. while the other has good enough talent, but is overall boring and unentertaining.
The Beautiful People: Without a doubt, the best thing going in the entire Knockout's division as a whole. While Angelina Love has what I'd consider more talent than Velvet Sky, together they've been a very great Tag Team against all the other Knockouts.
Neither of these girls is likely going to get a shot at holding the Knockout's Championship, but they'd likely be the "Miz & Morrison" of Tag Team's for females. They're the one truly solid Tag Team out of the entire division, and work great together.
Taylor Wilde & Roxxi: This is a pairing that can work well enough, but in the end it's like that of Cody Rhodes & Hardcore Holly, or John Cena & Shawn Michaels. They're two "singles" Knockouts, competing in Tag matches until one turns on the other.
Final Thoughts: So in closing, yeah they have at least 4 teams that could serve a purpose. And honestly I could see it happening, considering at each Pay per view T.N.A tries to greatly give the Knockout's a single's match as well as a tag team match.
But in the end, I don't believe it'll happen, if for no other major reason than I just don't believe the Knockout's division should be focused on THAT much.