I'm going to have to go with the few people who have said Yes. Now, there is a good argument, which is saying like who would want to see Santino vs. Zack Ryder. The thing is, that with 8 weeks to create feuds, they could make it a watchable feud. A enjoyable feud. If I was to tell you in January, that we would see Matt Hardy vs. Drew McIntyre in a feud, you would have most likely have said that it would be horrible.
Well, now in July, We have seen this feud escalate from being Matt beating Drew in a Money in the Bank Qualifying Match, to being one of the best feuds as of late on television, in my eyes, only behind NXT, Kane (Undertaker), and Edge vs Orton.
A feud could be so easy to make watchable, and acceptable even with Santino or Zack Ryder. Have Zack come out with a new diva, saying how he was the only one in the world who could have got her. Then have Santino come out, and convince her to come with him. She goes, Zack gets Jealous, and after a few matches and promos, of Santino winning. It could be a "enjoyable" feud, on the Undercard of a Raw pay-per-view.
With such a long period of time, any two (or more) wrestler, even the likes of Chavo or Chris Masters, could have a decent, but watchable feud. That is to me the reason you could have Brand Exclusive Pay-Per-Views. In a 8 week period, you have about 16 hours of Raw. Give Santino and Zack 20 minutes on one Raw, later in the feud, What harm could a 20 minute segment and match do, especially if you have 15 or so hours of programming for other feuds, and in the end, a good quality feud that people may care about.
So all in all, I think the Pay-Per-Views are fine the way they are, but I would definatley rather see WWE use the undercard talent alot more and give them their well deserved time on a Pay-Per-View, and I think it IS possible for them to have it and make the PPV not be boring and not worth the money.