In the height of the WWF's huge popularity in the 80's there were two standout stars in the company. Hulk Hogan was the biggest face at the time, while Roddy Piper was the most hated bad guy of the time. This would've made for one of the biggest and most memorable main events of all time.
The ideal scenario would've been Piper winning the title off Hogan in controversial circumstances and holding on to it for several months. This would've set the stage for Hogan to go on a long journey to reclaim the title and culminate one of the greatest feuds of all time.
I guarantee this match would've created a great amount of interest, particularly around WM 2. It definitely would've been greater than Hogan vs King Kong Bundy. What would make this great would be that for a change Hogan is chasing the title. Who better to chase then the biggest baddie at the time.