I think it's fine as long as handlers don't cherry pick which parts of their real wrestler's history they want to use. Like if Punk were to job to Santino in ten seconds next week then that's what you're stuck with. We had "Brock Fucking Lesnar" a couple of weeks ago, and currently have Jeff Hardy as the European champion so I don't think you're going to run into any problems here.

It's not my style or preference of feding, but who am I to tell anyone what counts as creative or not creative?