It wouldn't bother me at all to see Jericho get another title run. However, with what his schedule is, I don't think it's the right thing to do.
Jericho sometimes disappears for weeks at a time in order to work gigs with his band Fozzy or for other projects outside of WWE. So it's unlikely, and perfectly reasonable, that WWE isn't going to make him World Champion anytime soon. I know they did with The Rock, something I wasn't overly crazy about, but let's face it, Jericho's not The Rock when it comes to the business aspect of wrestling.
As for one of the mid-card championships, it's a mixed bag. The IC & US titles have both been buried during WrestleMania season. Kofi Kingston is on a little bit of a hot streak right now, picking up the title from Cesaro last Monday and beating Barrett this past Friday. The obvious one is for Jericho to take the IC title for an even 10th time. Again, however, would you really be improving things for the title? As with the World Championships, Jericho is going to be MIA on various occasions so that's not exactly going to build up the prestige of one of the titles. At this point, with what Jericho is currently doing with WWE, I think the best use of him would be to put him into a good, long feud with one of the mid-card champs featuring some great matches to build the prestige of the title back up. Very few people can put others over while still looking like a major star as well as Jericho can.
If Jericho has nothing else lined up that conflicts with his WWE schedule and Fozzy goes on hiatus for the next 6 months or so, I'd be perfectly fine with Jericho having another title run. Hell, I wouldn't mind seeing him form a tag team with someone and enter the tag team picture. Whether he wins or loses, Jericho's involvement in a title scene is going to lead to some great matches. In my opinion, the mid-card titles are the ones that need him the most at this point.