Tricky question. Orginially I was going to say no, because initally they were supposed to be the super heel group that made fans believe Vince McMahon was actually taking over WCW. I heard rumors that the 3rd man was SUPPOSED to be Bret Hart, and if that had actually happened, I think it would have turned out that the nWo indeed was to be and remain the super heel group.
I think fans liked to boo Hulk Hogan when he was a face because he was actually a face, but when he gave them reason to hate them, it's almost like a girlfriend who doesn't want you till somebody else wants you---basically, they started to like him when he gave them reason to hate them. Go figure. As luck would have it, the more the nWo got traction (and dare I say, the more they got oversized) the more they became chic and popular. I honestly believe they got as big as they were due (even in a small part) to Vince McMahon who created the conflict between he & Steve Austin and it made fans really get being the anti-establishment, whether it was in WCW or the WWF. The fans wanted to cheer the nWo. They gave the middle finger (not really like Steve Austin did) to tradition and did what they wanted to. Many fans lived vicarously through their antics every week, and even when Hogan became a bore & Kevin Nash started the Wolf Pac, they still cheered. But had they started out as a face group, it'd have bombed inside of three weeks. By the mid 90s fans knew of ECW, the way the WWF was handling things and WCW needed a way to combat all that. And the rest, as they say, is history.