If this were the case - it would be epic! A storyline twist no-one has ever seen before. But, back in the day when Scott Hall and Kevin Nash came to WCW, that was the original concept; that Vince McMahon and the WWF sent both men to destroy the company. When news of this storyline became public, Vince was due to file a lawsuit against WCW for using Vince and the WWF name as part of a storyline outside of its company. So thus when then WCW-Head Eric Bischoff asked both Hall and Nash on Nitro if they worked for the WWF, they replied "No", which ended the problem and possibility of a lawsuit.
The point being that if TNA use WWE and Vince McMahon as a focal point of their storyline, they won't be happy and likely file some sort of lawful shot against the organization. Even if they just said "the boys up north" or "VKM" instead of WWE and Vince McMahon - you can still expect WWE to cause a problem for TNA.
Still, with Hulk Hogan 100% in control of the company - I wonder where this storyline will ultimately go?? I hope Immortal doesn't become just another faction that will fall apart.
I was hoping that Hogan wanted to gain full control of TNA for the sole purpose of waging a war against the WWE - as both Hogan and Bischoff are bitter against their former employer. But most of TNA babyface's who are fighting against Immortal don't want Hogan and Bischoff to run the company into the ground - like WCW - and get into a war they are not ready for!