In two words...probably not.
Vince McMahon has proven over the years that a wrestler from a foreign country, whether it's the U.K, Japan, Russia or Italy has to act in a certain stereotype unfortunately.
For example, many English fans could never take to Steven "William" Regal and embrace him as a local hero because his "hard man from the docks of Blackpool" gimmick had nothing in common with his snooty, posh accent and demeanor.
It was a direct clash of upper and lower class that made the character he portrayed totally unrealistic. The reason he wasn't cheered in his homeland had nothing to do with him being Heel most of the time either, as Bret Hart had been Face in Canada/U.K whilst acting completely Heelish in the States throughout 1997.
Taka Michinoku, in 1997 was bright young prospect in the WWF as he was chosen to spearhead the newly-created Light Heavyweight Division which was spawned by Vinnie Mac and others to counteract WCW's red-hot Cruiserweight Division. It failed due to Vince's loathing of all those "small men who do all those silly moves" mentality. Point being, Taka by 2001, on screen was being taught how to drive a car by Bradshaw and also how to drink beer. The reason? we were meant to believe that Taka (despite being 27 years old at the time) had never encountered these activities in his native Japan because that doesn't fit the outdated stereotype.
The point I'm driving at is that if an Australian Wrestler were to be hired by WWE nowadays, I would expect a Crocodile Dundee impersonator (or the Bushwhackers Version 2, even though they were New Zealanders!) with a cork-hat, stubbies shorts, flip-flops and a gimmicked hunting knife! This general character assumption of Australians has been around since the 70's and an over the top goof like that would probably make it onto the childish WWE TV of 2011. Oh...and it would fail.