Sure, it could've, but it wasn't a blood-worthy feud. It was four guys cracking jokes for months, with the occasional "serious" act thrown in - like 3D attacking Shark Boy. Having blood in this feud would really just be having blood in a match for the sake of having it since it was so silly. Plus, 3D's done so much bleeding in TNA that this feud actually stood out more because they didn't.
Sure, if they'd gigged, it could've led to the Guns being taken as a serious act (like the Midnight Rockers after the Showboat bloodbath with Rose and Somers), and they seemingly wouldn't have been buried for months, but there's no guarantee of that - TNA's been known to be hot and cold about pushes anyway, and Shelley and Sabin remained over even with the burial attempt. In a few months from now, the Guns could easily be back in the tag title mix, and be in it without having to worry about their faces being willingly disfigured.