I would want to build up a style where people genuinely care who wins and loses, where they love some wrestlers and hate others, and if only for short while start to believe again.
This doesn't mean a load of horrible shoot angles, more just reasserting kayfabe in a subtle way. It is no good saying "This is real!" as that just draws attention to the fact that it isn't. Instead, I'd want the workers to generally keep quiet outside of the bubble of pro wrestling. The announcers just need to play things straight - call what is front of them, know when to raise the excitement and when to keep quiet.
I think creativity perversely benefits from limitations. I also think pro wrestling needs a coherent and consistent internal logic. So, I'd focus on a one hour TV show, maybe a new take on studio wrestling. Three matches, three promos. Ten minute time limits for TV matches, first two matches on the show to build people up, the last match almost always the Television Champion defending the title.
Promos are important - there needs to be workers who can talk, and talk naturally and without a script. If they can't, then they need a manager who can. The promos should be short, snappy, memorable. This is all about showcasing characters people care about. Fairly obvious stuff, but it needs to be done well.
There would be a world champion, but he would only wrestle house shows and do the odd TV promo. The titles are the focus and any feud or angle is ultimately linked to a title, or working up the rankings to get a title shot.
There needs to be a hierarchy of wrestlers. The young guys at the bottom, who lose more than they win, but are presented as having plenty of talent, but needing more experience. The grizzled veterans of the midcard, who know how to snatch a win and are looking for one last shot at glory. The main eventers who are presented as the best sportsmen, the biggest characters.
Ideally the TV champion is a heel who does more to avoid losing than trying to win, using that time limit to his advantage. The world champion is a face, and carries himself as an ambassador for the sport.
There would be a commissioner, but none of the tired heel owner stuff. Instead, a legendary worker who acts as conscience for the promotion, maintains order (and the internal logic) and stops fans getting too disillusioned when the heels are on top, as there is at least someone out there looking out for honesty and truth and all that stuff.
In terms of the in-ring product...
Make every move count. Anything the wrestlers do in the ring should serve the overall story they are telling. And ideally less is more. Wrestling should feel competitive, not two guys taking turns to execute a series of moves. Keeping it simple will make the big spots matter more, and will also mean fewer injuries, so more opportunities to make more money with more wrestlers.
More bullshit. I think the true heart of pro wrestling is bullshit. Stalling, bailing out, begging off, jawing at the crowd, little sneaky cheating. All generate an emotional reaction. All make you hate one guy and love the other. Great wrestling incorporates delayed gratification. A move means a whole lot more if it has been teased for the whole match. You only get the thrill of the chase if you have to wait for the guy to get caught.
Avoiding too many clean finishes. Make the most of time limit draws. Have cheaters more readily disqualified. Let the heels scamper off to the locker room for a countout victory once in a while. Create more uncertainty over how the match will end. Make clean finishes matter.