Ted Turner is not a HOF'er. His actual involvement with the wrestling product was practically nothing. He sold the whole wrestling show and timeslot to Vince McMahon, he wanted nothing to do it, he did however recognize Vince's money. The only reason McMahon & WWE got kicked off TBS was because of the massive revolt fans and the low ratings for the WWE product vs the Georgia Championship Wrestling/NWA shows they had replaced. Turner putting the NWA back on was simply a business decision.
As for purchasing the main stays of the NWA from Jim Crockett Jr was because it was still drawing good ratings for the network. Yes, TBS would have to start forking over the money for the TV production but at the same time a TV network pays rights to air movies and TV shows and if you produce your own product you pay production costs. That said, once Turner purchased the company it was run into the ground. Turner never wanted to be involved in daily operations nor did he understand how to write storylines for a wrestling show, so he put a wide variety of Turner employees, most of them with no wrestling experience whatsoever, in charge. Jim Ross' take on these days in WCW is a must read for any wrestling fan (he worked there at this time), as is Ric Flair's take. The company saw massive declines in popularity and a steady drop in ratings post 1990 after an initial bump early in 1989. They releases of Flair, LOD, & Lex Luger nearly crippled the company. Three years into Turner's ownership his WCW was a tiny shell of what it had been as the NWA in the mid 80s under Crockett.
Turner deserves some credit for promoting Eric Bischoff (ironically with support from Flair, who campaigned for someone with a new vision and fresh ideas vs the Turner's usual formula of putting non wrestling Turner executives in charge or hiring older bookers from the 70s who's ideas and storylines were by now stale and recycled). Bischoff, with help from Flair, recruited Hogan & Savage, giving WCW much more star power along with Sting than WWE had at the time. Bischoff also was the one who saw the NWO storyline being played out in Japan and brought it back to the US, recruiting Nash & Hall to join as the "Invaders". People forget that WCW and Nitro often beat WWE in the ratings BEFORE the NWO angle kicked off, their product as a whole was better in the undercard and had more top draws at the top of the card. The NWO angle just created more separation between the two companies, kicking off the best period the company ever had under Turner's ownership, rivaling how red hot the show was in the mid 80s during the Crockett years.
Flair & Hogan are already in the HOF, for much more than just their contributions to mid 90s WCW, and deservedly so. Savage certainly belongs, hopefully whatever issues have precluded his enshrinement will be settled soon. You can make an argument for Bischoff, although he has some major flaws in terms of producing original angles and stars (his most successful angles were the NWO from Japan and re hashing Flair's WWE feuds vs Savage & Hogan) as well as his inability to maintain positive working relationships with talent he didn't get along with, to the detriment of the show. Turner however, did nothing other than hiring Bischoff that did anything to help WCW, to promote them, if anything his ownership nearly killed them before their mid 90s revival. He was an unabashed wrestling fan, but his contributions to the industry are no where near HOF worthy.