Horrid idea...
Senior Tours work in 2 sports that are really popular...
Golf, where it's not a game/skill that really "diminishes" with age, but just younger players catch up to the older stars. A Jack Nicklaus or Nick Faldo don't get "bad" overnight but no one wants to see 50+ golfers going against the "young guns", it's not interesting to fans, to sponsors or the players themselves. So they came up with the Senior tour, where they can continue to fan old flames and retain the rivalries and dignity of their careers.
Tennis is the other sport and the Senior game is actually a little based on Wrestling. When guys like Jimmy Connors and most notably Mansour Bahrami evisioned a seniors tour, they knew that the demands of the game wouldn't work with older players but that the personalities themselves would fill in the void. They began adding showmanship to matches as a key feature, guys like Barahmi, who was never a A lister found a niche with their mini-comedy routines, crazy long rallies and mugging to the crowd, indeed he looks and acted a LOT like his friend and fellow Iranian, The Iron Shiek.
When guys like McEnroe joined, you'd get the inevitable and engineered call/situation where an argument with the ref would ensue so the fans could hear "You cannot be serious"... You can't fake a tennis match in the same way a wrestling match, but the principles worked the same and the concept has become huge.
BUT you can't translate that back to wrestling:-
First off the physical demands of wrestling are such that anything less than what the younger guys are producing would look bad on all concerned. So much was made of Flair's physical condition by his match with Shawn, he then carried on in TNA and it was worse. Ricky Steamboat could go, and did go...but he'd had a 20 year hiatus, most back injuries heal enough in that time to allow 2 or 3 matches, but he then suffered an anyuerism/stroke, something he arguably wouldn't have faced had he not gotten back into the ring. Then there's the damage they have all already done...
Look at most guys over 50 in the business now and you can tell the ones who "lived the lifestyle", even if they reformed. Every week seems to bring a tale of another older wrestler facing cancer or heart issues. Some like a Duggan or Piper have had life threatening battles with cancer and managed to "wrestle" again, but not to the level they previously did. A lot of wrestlers are naturally "big guys" as they age, they face natural problems... look at Kevin Nash, a 7ft guy is ALWAYS gonna have heart issues as they age and bang on cue, same age his dad died, he needed work doing, that's before any of the drugs or booze... he was always gonna have an issue.
Most guys who have retired stay that way, comebacks are increasingly rare because so many of them decline physically the moment they come off the road. Guys like the Outlaws are the exception, they are still "around" the machine, so it's part of their job to stay in relative shape, but look back at the Slater angle a while back... the only guy who looked "good" for his age was Backlund, who was never a drinker/drugs guy and kept in that insane shape his whole life... Sid, Animal, Piper, HTM... all looked pretty bad and even look at Noble and Mercury now, they ain't the same guys.
WWE is smarter than ever at looking after their guys but they can't do it all for them, someone like Big Show got his gland sorted young, hence why he is in far better shape than Andre or Khali, who only got his done a few years ago... we're talking BRAIN surgery here... In Show's case they can rotate him in and out so he works 6-8 months of the year and it works, but even that will have to stop in the next 2 years, the risks of him naturally just "going" in the ring is too high. Khali is arguably at that point now, he barely ever wrestles now. WWE won't risk these guys forever, Vince will remember Iro Mike DiBiase dying in Vince Sr's day and doesn't want it happening in his. Warrior just reinforced that last year.
So all you could then do is make it for guys "past their prime" as you say, rather than a seniors tour...who counts? Does R-Truth cos he is past his prime but still used? Does Joey Mercury lace up the boots again? Cos the Outlaws did it for a while should they continue? It's all diminishing returns and bigger risks, even Taker is in the "dare we use him?" category now rather than it being "his call" as it has been prior.
Someone like Goldust is probably the last you will see of someone coming into their "prime" later in life than normal in terms of wrestling. Even he has 2 years tops left before he is stopped. At that point, why ruin the legacy by having an "old timers" tour to go on for the WWE?
