I think they've done quite well with only an hour. Seriously. It absolutely flies by each week, but there's still a pretty good amount of crap going on at any time. I wish they'd apply such efficiency to their two hour programs.
I think a better idea would be a syndicated second hour of matches/angles. Does WWE still have Bottom Line and whatnot? It can take the place of something like that if so. Syndicated programming is still a good option for wrestling, I think. What'll be important about it is the place on the card it would generally entertain. Hardcore TV back in the day was about the same was watching the TNN show and there was always a reason to watch each program.