Sid in his heyday was a guy well known for refusing to job, often criticized for taking time off and skipping shows with "injury" when he was healthy enough to play in his softball league, he was one dimensional on the mic and severly limited in the ring. And thats when he was in his prime!
WWE gave him a nod for his contributions to RAW & The Monday Night Wars in both WWE & WCW. It was a mild surprise, they let him win his match (and mercifully kept it short & limited so as not to expose his weakness in the ring), it was nice, and quite honestly considering how often he jumped between promotions, accomplishing little outside of getting fired, it was more than he deserves.
If Sid was truly contrite for his past behavior and wanted a "redemption tour" like HBK got when he returned on a limited basis in 02 I would say give him a shot, although HBK even as a total jerk contributed way more than Sid ever did. However, does anyone believe Sid really wants to give back, elevate younger guys and help carry the promotion, as Michaels did in his last run ? I dont think so.
Last, before anyone says that Sid at 52 is not too old, that there have been guys post 45 who performed at a high level I will admitt that is true. HHH & Taker are both close to 50, Sting still puts on good matches in his early 50s, Flair had numerous good matches in his WWE last run vs Jericho, Orton, Edge, Foley, Big Show, Taker, HHH, & HBK among others. Sid's problem is he never, not even on his best day, could perform as well as any of those guys at their worst (to paraphrase one of Sid's more memorable promos circa 1992).
Sid Justice/Viscious/Eudy/Psycho Sid is not someone as a vet I feel would contribute anything to today's product. His moment last nite was more than he deserved.