His status as one of the all-time greats is why he's always there. Instead of giving us old man Flair, they need to give us 80's Flair.
Koko may have been a bad example, since he was, and still is, a fan favorite. Maybe I should have gone with Sam Houston?
They had to have been too far in the creation process to just delete everything altogether. And, by using Jim as an avatar, that puts Hogan's moves in the game, and then CAW becomes so much better.
Akeem/OMG would be solid, especially if they add in Boss Man and Slick. The tag teams are all obviously a great idea, especially if the current WWE is serious about building up their tag division. It could never hurt to pay respects to the golden age.
There's certainly some WCW/NWA guys that would be great though. I doubt they'd dig this deep, but Magnum TA would be cool, or Brian Pillman.