Yes, so long as Daniel Bryan plays his role and the writers don't try to make the show around him. Occasionally coming to the ring, maybe once or twice a year, and leaving the rest of his segments to be backstage would be fine. When Foley was an on-air authority figure they found great ways to get him together with talents without having him hijack the show.
The one thing I'm absolutely sure of is WWE needs to get the hell away from heel authority figures, especially McMahons, for a while. If you want to do the bad sister vs good brother thing on Raw it'll balance itself out, but another heel GM for Smackdown would be terrible.
If you want people to believe you're really changing, I think the figure-head is an important part. It doesn't have to be Bryan, but it can't be a heel.