The problem with Jericho as a heel is, while his attention to detail is remarkable, his revamped heel gimmicks only seem to really work against the guy he's turning against (Michaels & Punk, maybe The Rock in 2001). I wouldn't mind seeing him turn face however unlikely, although I do feel we haven't seen everything Jericho's new gimmick has to offer so maybe not yet.
What I don't understand is why he has to go back to fueding with Orton. Yes I know it never really started which is why the angle is so flexible from this point, but I'm honestly not pumped for it at all (possibly because I'm not pumped for anything Orton does but whatever). And why, because Jericho attacked him? I doubt many people remember it and even fewer care.
Jericho will almost certainly be in the MITB ladder match. So either he'll have picked up something else to do before Orton returns anyway, or WWE will use the PPV build up time to keep Jericho "frozen" until Orton returns for the fued.