If he was still an active member in WWE of course he would be involved and of course he would be referee.
Easily I could see this:
Vince forces Hebner to referee the match. Much like last time, threatening to fire him if he doesn't do the screwjob, close to the conclusion of the match when the screwjob is supposed to happen Hebner turns the tables on Vince and sides with Bret leading to him tapping in the sharp shooter. This way Hebner gets his name cleared after all these years and Bret has his screwjob on Vince and his moment in the sun.
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