Even though Orton is a current main-eventer, having him face Cody Rhodes would be a good use of his time. With Orton being one of the competitors in the Fatal 4 Way match at the Over the Limit pay-per-view for Sheamus' World Heavyweight Championship, Orton would need a feud should he lose.
So, having him face off against Rhodes would not only give Orton a useful storyline, but also make the Intercontinental Championship seem like a big deal again.
If a main event superstar like Randy Orton is fighting for the title, then it would certainly look more valuable. The last time Randy Orton took on Cody Rhodes in singles competition was November 1, 2011 in a street fight on SmackDown.