They tried it in TNA last year with the TV title (ya know... defending the TV title on TV...), and it worked for a little while because their roster was so bloated that a lot of guys don't get on TV every week (while Raw usually has the same cast of characters) and they couldn't keep it interesting and just had Devon squash the same jobber every week (no reason to think WWE would do it better), plus Devon got really stale from the overexposure from being on TV every week (a problem most people on Raw already have). Based on that, no.
But then again, it'll replace one of the pointless segments Raw has on that show already... but what will the title symbolize? Even if the belt's meaningless I suppose most people will be interested in a TV title defense over the pseudo-jobber matches we have on there already, so it won't cause any harm. We on the internet will complain about flat segments, but we're already doing that.