It was an alright idea for a gimmick (I loved the music), but never had a chance, for several reasons.
-Luger. Luger was a top 5 star in NWA/WCW, who ended up having problems with all the top stars he worked with (except Sting) as well as management (can't blame the guy there though). He ended up leaving because he didn't want to work X amount of dates, which is baffling. Way back when, I'm sure there were quite a few people that thought Luger should have beat Flair for that belt, and I believe Flair was against that. Flair left, Luger was finally given the chance to carry the ball, and he didn't want to. Major mistake.
-The motorcycle accident. Who can say for sure if it really affected how he wrestles, but the fact is he never had the same success after it.
-Vince. Vince sometimes hits home runs. Vince, like many great HR hitters, strikes out a lot too. Luger's stock was still very high at the time, but instead uses him to promote the WBF. We all know what happened there. Then, the narcissist gimmick. He had to start from scratch (Flair didn't have to), with a new gimmick, which many people didn't buy because of his work in NWA. He didn't use that torture rack, which was a very over move. It'd be like Flair coming to WWF and not using the Figure Four and using a new finisher. People didn't buy that, either. It was probably a good idea on paper that just wasn't executed/people didn't want.
-Then, the Lex Express. Not only people were being force fed this new gimmick, Luger didn't wrestle. He just toured the country and made appearances. Meanwhile, Bret was wrestling his ass off, and people to this day still love Bret, and it was still a wrestling show at that time. Lex finally wrestles, doesn't even win the belt, and I can't honestly remember what Lex did for the next year and a half, but he never got over. Lex and Bret were both fighting for that #1 spot, and the people chose Bret.
Vince might have had a better chance if he just built off what Lex was in the NWA, but you know how Vince works there....Daniel Bryan will tell you.
Then his second WCW run, which to me, was nowhere near the 1st. He was working, but if you ask me, the one and only thing that Lex did right was befriended the #1 face in the history of WCW. I also don't know if Lex loved wrestling, and just got into it because football didn't work out, and over time, it became a grind and injuries took their toll, and slowly burned out after peaking too early and getting early success.
Lex in the 80's: awesome. Lex after 1991, not so awesome.