I got to say, that title is open to interpetation. I expected to see a far different idea of what the worst moment was/is. For me:
Wrestling's worst real-life moment (which I originally thought this was) would have to be the death of Owen Hart. Never before or since have I been affected emotionally as much as his accident in the ring and having to hear his death announced live on PPV. A close second would be the passing of Eddie Guerrero, just for the fact that he was one of my favorite wrestlers and that I had really believed he had finally turned his life around.
Wrestling's worst scripted moment (which is where I think your robocop entry would fall in) would definitely be David Arquette winning the WCW title. Second would be anytime Steve 'Mongo' McMichael was anywhere near a wrestling ring.
I always thought that David Arquette tried hard to make the gimmick work. His promo after beating DDP had dick-heel written all over it. I've always believed that, given a chance, he could have been successful. I think the fans and the IWC were far too hard on him.
Worst moment ever was when Vince McMahon bought WCW.
If Hogan really can't pull it together for a one-on-one - and I think they could probably Pat Patterson together a workrate-horrible but storytelling-good match with Cena - then Hogan & Cena Vs. The Real Americans seems like the natural fit.