Yes, yes, and yes.
It makes the feud better, leading to a blow-off at OTL, which will probably end with Punk back in retention of the belt. Wrestling feuds where all the title matches are won by one guy are boring. And I'll love seeing what Jericho pulls out in a street fight.
The other option would be for Punk to beat Jericho so badly that Jericho gets sympathy from the audience and makes the fans boo Punk (a very long shot in Chicago, I'll admit). Punk works better (both as a face and as a heel) with a certain edge which has been sadly missing recently. Such a fight would give Punk that edge back.
Of course, that would also require WWE to realize that all faces don't need to be carbon copies of each other, but I digress.
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