I don't think CM Punk NEEDS to make light of Paul Bearer's death to get heat on him in the storyline, but I'm not opposed to it. I won't be offended by it.
I've heard a lot of fans think that because WWE made video packages for Jerry Lawler's heart attack, it ensures WWE will use Bearer's death in a storyline. I disagree.
The key is, Lawler is still alive and likely gave his blessing to WWE. Lawler has been in wrestling all of his life. I can imagine he wanted to continue contributing to the entertainment product with good guys and bad guys in any way he could. Even if that meant exploiting his near-death incident on live television.
The man who played Paul Bearer isn't alive. Unless it is stated in his final requests that he wanted it to be used in WWE's script for entertainment, I don't think we'll see much made of it.
I can picture The Undertaker making some kind of tribute to his longtime manager. Perhaps Bearer's voice saying “Oh, yes” before his entrance music much like WrestleMania 20. I could also see The Undertaker carrying an urn to the ring in some type of tribute.
At the end of the day, I won't be surprised by anything, but I don't see WWE wanting to or the man playing The Undertaker allowing this very sad time for William “Paul Bearer” Moody's family to be exploited with any negative words spoken.
If CM Punk mentions Paul Bearer, I imagine it will be something that puts over how great he was. I could see Punk saying, “Paul Bearer was one of the greatest managers of all time” and then saying, "He is sadly no longer with us. And The Undertaker is all alone in his quest to beat the Best In The World."