Great idea!
But, instead of a competitive game, why don't turn it in a collaborative game?
If you followed a smart point of view (and not a mark pov), wrestlers, i mean players, should aid one another to make the match the best possible.
The game would revolve then more in the "create a cool storyline and make this the greatest feud ever" area than in "kick some ass".

But, probably, you should have to divorce from 4e, cause it won't support this experience.