I don't think that it would be a good idea mainly because Santino should no longer be US Champion because that joke has continued just a little bit too long for my liking. I also don't want WWE to unify the US and IC titles, it makes more sense to unify the WWE and World titles, there should only be one top world champion whereas it is fine to have one secondary champion on each show. I see them having a one off match but that would be about it.
Santino in my mind earned the US Title from his strong preformance in the Elimination Chamber and since WWE does nothing with the belt in the first place it doesn't bother me that he is still holding onto it. I wouldn't mind a feud to develop between these two if WWE actually put some effort in it and making it look like Santino is making Rhodes look like a fool each week until Rhodes snaps and almost ends Santino's career. I could see this working out and them not even having to unify the belts if Santino was taken out for a period of time he could just vacant the belt.
Is Santino as Champion anymore of a joke than Ryder or Swagger as Champion?
I'm thinking maybe u mean his gimmick is a joke, which I agree with 100%, but Santino himself is a good worker and he's more over than some of the main eventers.
As far as the feud goes, I wouldnt mind seeing it. But there is no unification in the near future. Creative probably didn't have anything for either guy, so let's go with the "who's the better midcard champion route". They did it with Miz & Morrison and Kofi and Dolph too I believe.