From the time Razor debuted up until he left the WWE in 96 this is how the title picutre looked.
Bret Hart: Once Razor debuted till Wrestlemaina IX
Yokozuna: Wrstlemania IX-WrestleMania IX
Hulk Hogan: WrestleMania IX-King of the Ring 93
Yokozuna: King of the Ring 93-WrestleMania X
Bret Hart: WrestleMania X-Survivor Series 94
Bob Backlund: Survivor Series 94-House show days later
Diesel: Days after Survivor Series 94-Survivor Seires 95
Bret Hart: Survivor Seires 95-WrestleMania XII
Shawn Michaels: WrestleMania XII-Razor leaving WWE.
While I do feel Razor did enough and was over enough to be the WWE champ during his time their its tough to find a spot for him. From the time he debuted thru 93 he was used as a top heel, but never was or would have been a threat for the title. By the end of 93 he started his face turn and by 94 he was a firmy established face and probably the 2nd biggest face in the company at that time behind Bret. The problem is that Bret just won the title back in 94 and was in line for a nice run. That takes me to the end of 94 and Razor's best chance at winning the title. Instead of Diesel winning the title after Survivor Series, it could have been Razor. Since he was the IC champ at the time he would have had to drop that title and thus we would have had a IC title touney, instead of the tag team one because in this scenario, Shawn and Diesel wouldn't drop the titles. Instead, Diesel and Shawn would remain heels and tag champs heading into the Rumble where Shawn would not enter #1 and the Rumble would come down to he and Diesel at the end with Diesel winning the Rumble. This would result in Shawn turning on Diesel, costing them the tag titles and thus turning Diesel face seeting up a face v face Razor v Diesel title match at WrestleMania XI. With both guys entering as faces, WWE could use the time between Rumble and Mania to gather who has a stronger backing and whichever man it is would get the victory. This way if Diesel won I think his title reign would have been more effective as he would have been seen as a better champ having won the title at Mania. If Razor retained that would mean he was more over than Diesel and he too would have had a sucessfull run.
Either way, I believe things return to the way they were by Survivor Series 95 with Bret winning the title (or possibly sooner like at SummerSlam) and go on to take on Shawn at WrestleMania XII after Shawn would win his (in this scenario) 1st Rumble as the 1st entrant (always thought the 96 Rumble should have been where Shawn won at #1 to give him more momentum heading into WrestleMania XII).
So, I do believe Razor deserved a title run back then. But after looking at how everything played out, it seems the only time for him to win the title would have been after Bret dropped it to Backlund at Survivor Series 94.