Why not make it an actual, real division, with a points system. You can have a cruiserweight table with the person sitting at the top of the table getting the title shot at the end of the month. Do something like two points for a win, one for a draw, and zero for a loss. That way every single cruiser match has a purpose and the WWE doesn't even need to create a storyline for the title-shot, it can be obtained simply by winning matches. This could in turn set-up interesting storylines.
Say for instance Rey is sitting second in the table and needs a win to become first and get the title shot. The previous week on Smackdown Rey's arch rival Mark Jindrak (it has to be someone not in the cruiser division) layed a real beating on Rey and Rey is looking for revenge. Evil Mr. Angle grants Rey a match with Jindrak, or he could have a cruiser match and potentially get first place. So what does Rey do? Does he go for Jindrak and opt out of the title match (I understand that could hurt the image)? Or does he take a risk and have the cruiser match, knowing that he could end up with nothing.
That was just a simple example of a simple storyline, all containing the Cruiser title. Maybe they could even put in a rule where no one wrestler can get consecutive title shots, thereby making a title shot more meaningful when it comes.