I thought they were going to have Austin join JR and Lawler at the commentary booth when he was doing the GM stuff in mid 2003 or so, but they went with the Coach instead.
I think if he does a series of house show matches doing referring and stuff and he does come back on TV, I think they should seriously consider him joining the booth on Raw. It would definately make things original.
I haven't watched much this season (catching up on Season 2, 3, and 4), so some of it was confusing to me.
But overall? Absoutely. It's will make you yell at your TV, as it did to me.