I'm surprised no wrestling promotion has lifted from a fighting game before (TNA and Suicide do NOT count), seeing as cartoon and manga characters make the transition to wrestling quite well. You need look no further than Jushin Liger and Tiger Mask for that. Maybe they have, but I haven't seen one for myself. King in real life would be awesome, but his mask might be problematic.
Eddy Gordo Vs. Kofi Kingston seems like a match made in heaven. Steve Fox Vs. William Regal would probably be cool to see, too. I think the match we all want to see, however, is Lars Alexandersson Vs. John Cena. Battle of the Supermen.
I'm pretty sure King is based off of Tiger Mask anyway.
Oh, and just to contribute...
Brock Lesnar vs. Craig Murdoch
Paul Heyman vs. Dr. Bosconovitch
Paul Phoenix vs. Shawn Michaels OR Dolph Ziggler, just to see how they would sell his moveset
Kurt Angle vs. P-Type Jack/Gun Jack/Jack 4/5/6 just so we can never hear the end of Angle breaking the FREAKIN' ankle of a robot