I personally like Santino as the IC champ. He's great on the mic, and as was mentioned, he keeps us reminded that he is the IC champ. There have been too many times in the past that, outside of the HW, World, and Womens Champs, I haven't been able to remember who the lower card champions are.
This brings me to the recently introduced Honk-o-meter. I love this gimmick. It is entertaining and should lead to some memorable segments. What I would love to see is Santino make it to week 61. I would love to see him in the ring acting very confident and bragging about how in 1 week HE will become the greatest IC champion of all time. He then goes on to call out a challenger. Everyone waits, but it seems like nobody is coming. Santino walks around the ring cockily, but then a familiar (to some) guitar riff plays. Out of the back, comes the man himself - THE HONKYTONK MAN. As he gets in the ring, Santino thanks him for coming to congratulate him on being the greatest IC champ of all time. Honkytonk tells Santino he's not there to congratulate him, but to actually challenge him. Santino laughs and accepts. The match starts, and Santino finds himself in trouble so Beth comes out to assist her man. As she tries to help, the referee turns his attention to her, allowing HTM to use his guitar on Santino. He clears the debris from the ring, picks Santino up and SHAKE, RATTLE, and ROLL. THE HONYTONK MAN is the new IC champion.
Likely not going to happen, but I would mark out for that. Honky should make some kind of appearance during this angle though.