I expect they will, I imagine the segment last night was thought up by Jericho himself, and like you say his track record in creative work is pretty damn good. I doubt he'd have come back if he hadn't already been guaranteed he'd be allow to have quite a lot of input in this regard as well. Similarly the creative team have let Punk put in a lot over the last year with great results, so I expect they'll do the same here. May as well just leave it to the two of them imo, if you put them in a program together it'll more or less write itself. Has the potential to be off the charts good.
When i'm asked if I can think of one guy who really ticks the boxes of all the facets required to make a good pro-wrestler and really excels at every one of them, I inevitably think of Shawn Michaels. But I think if Jericho can make this new program really work (and let's face it, it'd be a bit of a shock if it wasn't at least very good) then I think he really will immortalise his legacy in the business (that is to say, if he hasn't already) and in my eyes will be more or less on a level playing field with HBK. He's constantly evolved his character from Lionheart, to Y2J, to the Best in the world at what he does, to whatever his new persona might be. He's performed to the highest level in every division from the lower-card to the top of the main event scene. I can't think of a single program of his that has been genuinely bad, he's made even the crap ones watchable (e.g. the one with Chyna). His ring work is pretty underrated, he can work a number of styles, has great ring psychology and I can't think of a bad match he has had with anyone. His promos are great, he gets consistently strong reactions as both face and heel, and he can work the crowd however he wants.
I don't mean for this to sound like a big ass-kiss. I'll make no secret that I've always liked Jericho and he's been a favourite of mine ever since I really started watching the WWE(F), the first RAW I ever watched was the one he debuted on ironically. But now, for the first time, rather than him just being my favourite, I really think we are seeing a guy who is at the absolute peak of his powers, who really is nearing the status of an all-time great.