I went other;
In all seriousness though, they've had some big name legends appear in the early years.
Why not take advantage of that and induct Macho Man, Ultimate Warrior. Why not induct Bischoff, Hogan, Flair? Jeff and Jerry Jarrett are also a valid shout, as would be dixie.
There's also Jerry Lynn, Raven, Jake the Snake, D'LO, The Guerrero family (hector has been there a long time), Al Snow, Rhino, Nash, Hall, Jimmy Hart, Serj Salinas, Bullet Bob, Shane Douglas, Scott D'amore, James Mitchell, Jackie moore, Larry Zybysko, Harley Race, Steiner bros. Most of these were quite important to TNA at some point, most of them during it's early years and/or behind the scenes.
There's legends that weren't really that important to TNA's history: Curt Hennig, Dory and Terry Funk, bobby Heenan, LOD Hawk, Great Muta, Jushin Liger.
As well as names like Booker T, New Age Outlaws, Ron Killings, available when and if they ever leave WWE (or wwe is willing to let them join).
I don't like the idea of current roster wrestlers being inducted.