It is ridiculous but I guess they can try and do whatever they want to generate interest. It's been reported online they contacted Randy Savage's brother to induct him into their HOF. Ric Flair would probably be another nominee. Hulk Hogan (even though he doesn't deserve it). Mick Foley. Booker maybe. Dunno about anyone else. This is probably just Dixie trying to start to create her own legacy in TNA.
The reason why I stated that I doubt Sting would want to sign with WWE now, is because Vince has made the HOF offer to him when they attempted to sign him last year. There's not much incentive for him to go any more now that he's in the TNA HOF.