Let me preface this by saying that I know it's not a "real" hall of fame. Some of their choices and omissions in the past have been inexplicable. But the ceremony usually fun to watch, and the inductees seem genuinely happy about it, so us fans might as well enjoy it for what it is.
These would be my preferred selections. I tried to limit it to candidates who would have a realistic chance of being picked by WWE. I'd be satisfied if they put half these people in:
William Regal (inducted by Finlay): I've watched pro wrestling for over 35 years, and I'd rate Regal as one of my top 10 favorite in-ring performers in that span. A cool way to do this would be Regal to be making an appearance in the ring during a NXT Show, only to have Vince's theme song come on halfway through it. Vince comes to the ring and surprises Regal with an announcement that he's going to the Hall of Fame. The NXT roster stands on the entrance ramp and applauds while the audience chants "You deserve it!"
Rick Martel (inducted by Booker T): This is long long overdue. One of the top workers of his era.
Haku (inducted by Hacksaw Duggan): He's been one of my favorites since I first saw him feuding with Dino Bravo in Montreal in the mid-80s. While he was never a headliner in WWE or WCW, he had long runs as a solid performer in both promotions. Has a well-earned reputation as one of the most legitimately tough people to ever be involved in wrestling. If pro wrestling was a shoot, he would been the heavyweight champion as long as he wanted.
Molly Holly (inducted by Trish Stratus): They induct a female wrestler every year, and Molly's probably the best they haven't put in yet. Victoria would also be a good choice. Unfortunately though, I think they might go with Torrie Wilson or Kelly Kelly instead.
Jim Cornette and the Midnight Express: They are deserving choices, but I don't know who would induct them. I guess we can rule out Kevin Dunn.
Mike Rotundo/Irwin R. Shyster (inducted by Bo Dallas): They often put in someone with a connection to a member of the current roster, and he would be as good a choice as any. I don't want to see Bray doing the induction, as it would be a mistake to have him break character.
Sweet Daddy Siki (inducted by Edge): I just recently saw the documentary on him. A true trailblazer in the business.
Eric Bischoff (inducted by Vince McMahon): I don't personally like him, but he deserves to be there. Made a huge mark on the industry in the 90s, and had a very good run as Raw commissioner in the 2000s
Some suggestions for posthumous inductees:
Ray Stevens (inducted by Pat Patterson): Simply one of the greatest ever.
Wahoo McDaniel (inducted by Ric Flair): Flair has said that he really wants to do this
Andy Kaufman as a celebrity inductee (inducted by Jerry Lawler): I know this is unlikely because Kaufman is gone and Vince only has this category to get a celebrity appearance on the show. But I think Lawler could keep the fans entertained with stories about their angle.