If they keep him as a sort of mafia thug type of Italian guy, then I can see doing it, but if they just use him as a generic "strong guy", then why bother bringing him into the situation? They've already got more than enough monster type of guys out there that have nothing to do, so if they really need to have a bodyguard for Santino, he could just "hire" one of those guys.
Even so, though, I kind of don't want them to do it. Chavo just got himself a bodyguard (which I think was stupid anyway). Unless, of course, they put this to good use. For instance, if Santino and Carlito win the tag team titles, first off. The way Cody acted the other day, as a sort of hot-head, was good for his character, as he's been too tame lately and they should've been showing that he was "learning" from Holly - who is supposed to be a hot-head. Now, if Santino and Carlito win the titles, and Cody takes it upon himself to jump them backstage on 2 or 3 episodes of Raw...maybe come out and attack them while they're in a title defense against like Londrick/Cryme Tyme or something...then logically, they could get a bodyguard. As far as the bodyguard being this guy, idk, we'll have to see if he's any good in the ring.