On Grenier: we haven't seen him wrestle, but he's been out injured and probably wrestled a few weeks in OVW before coming back.
Since when have a few weeks or a few months even in OVW improved anyone's workrate?
Grenier showed some charisma as the EEEVIL French-Can heel referee, and since he frankly sucks once he steps into the ring, something like that wouldn't be a bad idea. However, I doubt that's what will be done with him.
Now, if he sucked in the ring, had some charisma, and started in WCW, WWE might just fire him. However, since he's got ties with Patterson and is an OVW product, he'll be another Road Dogg, minus the massively-over gimmick.