I agree with some of the points that have been stated about the WWE HOF and disagree on others.
First off, I read someone state that the WWE HOF is pointless, because there is no official building. This argument is mute, because there wasn't an official building for the Rock and Roll Hall of Fame for nearly it's first 10 years where it inducted artists. The Rock and Roll Hall of Fame foundation began inducting artists in 1986, but the building in Cleveland wasn't finished and opened to the public until 1995. This isn't the only Hall of Fame like this. Heck there are current "hall of fames" in all kinds of different fields that don't actually have buildings dedicated to them.
I also disagree with the notion that there are too many inductees. The problem isn't that there are too many inductees, the problem is that the WWE doesn't induct the right people at times. For all of the nobodies or lesser wrestlers that are inducted each year and taking up the amount of inductions, the WWE could be better spending their time by inducting true legends like Randy Savage, Bob Backlund, Ted Dibiase, Jake Roberts, etc.
I wouldn't consider a class of Randy Savage, Ted Dibiase, Yokozuna, Owen Hart, Rick Rude, Demolition, Miss Elizabeth, and Howard Finkel, for example to be a class of too many inductees. It would be a great class, because it would be a class of all truly deserving inductees.
There are still plenty of people that deserve to be inducted, and until the time comes where every deserving wrestler is inducted, you won't hear me say there are too many inductees, unless the the number of inductees increases to over 7-8 inductees. I think 7-8 inductees (a tag team included) is just the right amount. Especially considering all of the great talents in the wrestling industry that have yet to be inducted.
It's like the Rock and Roll Hall of Fame right now. Their biggest problem is that they only induct 5 artists each year, which is way too little considering that I could name at least 100 artists that are deserving of being in there.
I think the biggest problem with the WWE Hall of Fame and it's credibility is that it's basically run by one person, Vince McMahon. When one person basically decides who gets in and who doesn't, that really drains down the HOF's credibility. The WWE HOF isn't really "The WWE HOF" nor is it a pro wrestling HOF. It's basically Vince McMahon's wrestling HOF. It's similar to if Jann Wenner (the publisher of Rolling Stone and one of the top people on the Rock and Roll Hall of Fame foundation) solely ran and decided who got inducted into the Rock and Roll Hall of Fame.
I think the WWE HOF would be more legitimate if more people got to vote on who gets in. In addition to Vince McMahon, most of the people in the WWE that have an understanding of pro wrestling history, such as the rest of the McMahon family, the people that serve on his crew (ala Pat Patterson, Sgt. Slaughter, Gerald Brisco, etc.), the agents, the wrestlers, and all of the past HOFers should all serve on some type of committee that nominates choices and then votes amongst those nominated choices. I also think allowing fans to vote who gets in would also be a great idea (which is something the Rock and Roll Hall of Fame should do as well in an organized way of course). With lettings fans vote in the HOF there would have to be some guidelines of course.
The Rock and Roll Hall of Fame has a rule that an artist is not eligible until 25 years after the release of their first record (whether it's a single, LP, or EP). The WWE should have a similar rule. Perhaps that a wrestler is not eligible until 20 (or maybe 15 years) after his/her first professional match. That rule could mean their first official WWE match or their first general pro wrestling match, take your pick. And that a wrestler should be generally retired or only wrestle on rare occasions. So that way fans couldn't vote for current wrestlers like John Cena, Batista, Rey Mysterio, etc. wrestlers who are still active and are not bona-fide legends and HOFers yet.
I think Shadowmancer brought up the actual Professional Wrestling Hall of Fame (which does have an actual building I believe located in New York I think) which is a great model for any pro wrestling HOF, and something that the WWE should study and look at for theirs. As Shadowmancer said, there are about 7-8 different categories for each year in that HOF. For each year, they induct two wrestlers from three different eras in pro wrestling history. The "Pioneers" era (wrestlers from the 1800's-1940's), the "Television Era" (1950's-1970's) and the current era (1980's-today). In addition to those 6 wrestlers they also have a foreign wrestlers category (for wrestlers from Japan, Mexico, Europe, etc.), a tag team category, a female wrestler category, a managers/announcers category, and I think a midget wrestlers category. They also have two awards for wrestlers that have done a lot for charities and things outside of wrestling. This is a great model that the WWE should perhaps officially do for their HOF. Although they kind of do that anyway, as they usually will induct a "headliner/main eventer," a manager, an announcer, a tag team, a celebrity, and a few other wrestlers.
So yeah, I'm for different wings for the HOF as well, especially when a building is officially built (which will most likely happen somewhere down the road. I've read that from interviews with people in the WWE, plus just common sense should tell you that it would be a great business venture for the WWE). I actually don't even have a problem with the "celebrities" wing for the HOF. There have been a number of celebrities that have been involved with WWE over the years and have even had an impact on the WWE (ala Muhammad Ali, Mike Tyson, Mr. T., Lawrence Taylor, etc.). It would also be good business for WWE and it's HOF to have a celebrity wing as that might draw in non-wrestling fans to the HOF building if it were ever built.
Those are some thoughts I have towards the WWE HOF.