A small follow up to this, I heard an interview with Aronofsky today on the Howard Stern Show, and he said he is personally giving VKM a screening tomorrow. Howard said he thinks McMahon will love it but from what I have heard of the movie, I don't know.
He also said they had a screening yesterday attended by Flair, Valentine, Piper and Beefcake where Piper apparently cried.
Honestly, I can't think of anything in the movie that McMahon would specifically dislike. It's not like some Beyond The Mat kinda thing.