At a certain point it stops mattering who had the title before because you have to look at (a) who has it now, and (b) who is likely to have it in the future. The TV title division, by design, can include anyone, but the X-Division is down to bare bones right now and not likely to get any better any time soon since Dixie has apparently decided it's the X-Division's fault people get hurt, rather than, oh, I don't know, THE WAY THE FUCKING SPORT WORKS. Anyways, if she's going to continue to de-emphasize and punish the division because she doesn't understand the business, she may as well scrap the title now, because having it on RVD is a joke and it's only going to get worse from here (see: Christian fucking York). TNA clearly has no interest in pushing actual X-division style wrestling so Ion is fucked unless he can get his character over like Robbie E sort of did.
The TV title at least COULD theoretically get put on someone interesting in the future. Is it likely to? No, of course not. If that were going to happen, it would have happened by now. But at least there is a division with people in it to pick from and possible matches to have. I do think it would be better at this point to just have Devon trash the title in some sort of dumbass futile "fuck you TNA" gesture of disrespect, and then debut a new midcard belt, call it whatever the hell you want, after Lockdown. However, the division itself is just fine. All they need to do is have some sort of consistency as far as remembering (a) the new belt exists, and (b) whatever the rules for defending it are, and then (c) actually follow them as much as possible.
Honestly, TNA doesn't need to have a belt that gets defended every single week. Their roster really isn't stacked enough for it, without demoting main event players to pointless TV title matches that would necessarily have to end in DQ since you can't have your main eventers job to your mid carders, and no one wants to see Robbie E v. Devon every week for three months straight again, that was terrible. Just have a normal midcard belt and defend it every 3-4 weeks. Not that hard.
TNA has been getting somewhat better with consistency lately. Obviously they haven't solved all their consistency problems, I'm not suggesting that, but I do think at this point they might be capable of creating and maintaining a midcard belt and a midcard belt division if they start it from scratch. They're clearly about as motivated to create storylines and matches for the TV title as we are to see it, which is pretty much not at all, so all in all, yeah, enough is enough.
TL;DR: Have Devon trash the thing to defy TNA, create a new midcard belt after Lockdown, be more consistent this time.