It would never work in today's wrestling industry. Working out all the visas and travel costs alone wouldn't be paid off by the live attendance. The best thing Japanese promotions can do is send their guys over to wrestle in TNA or ROH and that's about it.
Even when AJPW's, NJPW's and NOAH's business was all-time high, they were still avoiding US like a plague. That says something about the US mentality. It just doesn't work. The only thing that could work is founding US brands, ala what Dragon Gate did. That would be swell.