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No.
Give it to Noble and let him, Rey, Chavo, Kidman and all the other Cruiserweights fight for it.
Give it back some credibility, and to do that you need to give it to someone who can be credible.
Noble would be a great choice because he held it for longer than anyone else ever has.
From there you can have feuds, bringing in the likes of London, Matt Capotelli, Shannon Moore, etc, but I wouldn't give them the belt straight away.
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