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It wouldn't be the worst idea to replace the CW title with the HC title.
I was watching the ECW DVD the other day, and in it RVD does some commentary. He was talking about how his favourite time in the WWE was when he had the HC title.
Perhaps they could bring it back, put it on some randm guy, and then have RVD beat that guy when he comes back. RVD could then hold the belt for a really long time. It might actually get RVD over, and if done right, the title could be quite meningful. But thats a lot of wishful thinking.
Of course the problem is that SD tends to be less violent, they dont like blood on there, so it seems like something better suited for RAW.
But they definately shoudl get rid of the CW title, and just replace it with the TV or Euro title. That way they can give something to the lower end guys. A title like that would be perfect for someone like Orlando Jordan, or even Paul London as the underdog champion.
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