So watching The Wrestler again...
 

And seeing The Ayatollah vs The Ram, which is the equivalent of Sheik (or Andre) vs Hogan, do you think something like this would be over at an ROH event (Sheik vs Hogan)? Or would it get shit on?

From the movie's perspective, the fans aren't smarks. Even though it takes place in ROH it's still a mark crowd. Obviously this is because the focus of the movie isn't the wrestling company.

But to answer your question, I would agree with CSL.

the match would get shit on as Hogan is/never will be a spotmonkey like the rest of ROH

By RoH terms, Hogan vs. The Iron Sheik booked as a rematch of Hogan's first world title win would be a huge deal.

LOL, ridiculous.

I thought The Ram was supposed to be Jake the Snake/Randy Savage...

Well, he's a bunch of guys rolled into one, but I'm pretty sure he's the Hogan analog in terms of popularity. He main evented their equivalent of Mania 3, for example.

It's basically the past career of Hogan, coupled with the personal life of Jake The Snake. Obviously countless other guys followed a similar path, but it reminds me most of Jake The Snake with the daughter and all.

On the ROH thing:
a) I agree with CSL

b) I think the movie isn't trying to say its ROH, even though they clearly use an ROH ring setup and arena. I think they just wanted a legitimate looking promotion, but still a small indy promotion nonetheless.
Since theres not really a WWF or Hogan mentioned in the movie, the ROH we see isn't neccessarily the ROH we know either. It's like an alternate take on things where there are rough equivalents to what really exists in the wrestling world.