they did 2 dead wrestlers once before. Both JYD & Big John Studd were inducted the same year. I don't think death plays a role in inductions. Also people have to agree to be inducted or in the case of the deceased, the family.
I could see them wanting to induct Ravishing Rick Rude, Ron Simmons, Arn Anderson would be a good choice, as well as Dean Melanko, Barry Windum, HonkeyTonk Man, Ricky Steamboat, Tully Blanchard, Nick Bockwinkle, Jack Tunny, JJ Dillion, Owen Hart, Davey Boy Smith, Dynamite Kid, Mr. Fuji, Afa, Sika & Jaques Regeau. Obviously not all of them would be in one shot, as there are usually only a dozen, and I mentioned 16 on top of the 2 already going in that we know, and obviously some may not agree to appear and therefore not happen, but those would be some of my first choices.
As for who would induct, Dusty Rhodes should be inducted into the Hall of Fame by his son Dustin Goldust Rhodes. I know he's not under contract to them, but I could see him agreeing to do this.
Curt Henning I think would be good to have Bret Hart if they could get him to agree to show up....but since that would probably never happen, I'm guessing it would be more likely to be Ric Flair.
For my picks, Ron Simmons should be inducted by Teddy Long. Long managed Simmons in WCW and has been friends with him for years.
Rick Rude could be inducted by Bobby Heenan
Arn Anderson by Ric Flair
Dean Melenko by Chris Benoit
Barry Windum by JBL
HTM by Jerry Lawler (if the cousins were on speaking terms again, then Jimmy Hart)
Owen Hart by Natlie Neidhart
Davey Boy Smith by Harry Smith
Afa & Sika by Umaga (out of character of course)
The rest I'm not too sure. Ah well, some of them would be good to be inducted by other people mentioned for others too, they'd never all get inducted the same year anyways.