I think starting a Light Heavyweight division would bring forth alot of improvement and entertainment. However there would have to be some major overhauling. The US and Intercontinental titles would have to go. As would the Unified Tag titles, just make it 1 set of belts E... not that hard. And of course one of the divas titles.
Are you dumb? Getting rid of two belts that have been very prestigious in wrestling's history is a huge mistake. Look at who has carried both belts in the past, and compare that to the Light Heavyweight Championship. I'd take the two mid-card belts over a low-card belt. As our dear Admin Slyfox696 says, the Heavyweights make the big money because they are the draws.
They need to make Titles special again. If there was a Heavy Weight belt per show and a Light heavyweight belt on just a single brand (or cross brand) and a single pair of tag belts it would consolidate the booking and probably help creative.
Or you know, do the same with the US or Intercontinental Championship. A division doesn't make a title special, focus does. Emotion behind stories do. Hell, to me, Miz gave the US Title instant credibility as a big championship when he was so proud to have won it. That is what more people should do, care about the title they are going after, and once they have done all they can and it is time to go to the next level, move the fuck on.
Also without the hunt for a US or Intercontinental title actual tag teams could be formed and maintained and the tag division would be able to blossom. And over time as popular tag teams start to grow apart there can be a drama over a major title. And popular light heavy weight champs can build up to challenging the World champs. This will cause the titles to actually mean something instead of being a shiny prop. They are stepping stones not just excuses to have a squash match.
Yet what happened in the 80's and 90's with the very same titles? You had the WWE(F) Championship, Intercontinental Championship, and Tag Team Championship. They made it work then, they just don't now. Your logic to get rid of the US and IC Titles is flawed. Oh, and the belts are literally just shiny props. The title of champion is the important thing, the belts are just for show.
With this idea they could implement a ladder system similar to the UFC. Ranking wrestlers based on which "weight class" (heavy, light heavy, or tag) would add another competitive element and could potentially eliminate the need for random matches, since everyone would be fighting to advance in the standings. Now the only matches that really matter are "#1 contender's matches" but those are always with the same 5 or 6 guys so they're really pointless.
So we have weight divisions, with like 5 or 6 guys? Excuse me while I laugh.
Even you admit they are pointless so this is a no. If they had a huuuuuuuge division, then you get a maybe at best. But it is still a shitty idea. You have also severely lost focus on something that needs to be addressed, which I shall get to shortly. Hell, how about now?
What the poster I have just ran through has forgotten, is that...THERE NEEDS TO BE A MID-CARD!!!!! How are we supposed to get new talent in the main event, if they can't be brought up through the mid-card themselves? Are we supposed to believe that tag team wrestlers can split and automatically be pushed for the main event? You need to build singles wrestlers up to make them look legit. It used to be that the IC Title was the stepping stone for the big time. But no, let's get rid of something used to gauge a wrestler's response to the audience, for a title that stays away from the main event.
The whole thing is a no. There don't need to be any new titles right now, unless something goes away, which right now, doesn't look like the case. I would think if possible to unify the belts, but I'm fine with how it is right now. No Lightheavyweight, no Hardcore, hell, not even the European Championship needs to come back. What there is now is fine.