Do I think there was a way it could've worked? Certainly. Do I think that it would've involved way more money and effort than Vince was willing to put in? Definitely. If he had ever been able to get past the idea of 'VICTORY!', that would've been the first step. As we all know, though, that was never going to enter the equation.
First and foremost, before any talk of WWE's bad booking, is the simple fact that WCW was a dead company. It didn't happen when Vince bought it, it was a progressive thing over the final year of the company. Fans stopped watching. No one cared. It was a joke. Once you've gotten down to the top names in your company being Booker T, Jeff Jarrett, and Scott Steiner you have a problem. The fans (both casual and IWC) wanted to see 1998 WCW vs. WWF. That was never in the cards. Since people had stopped watching, WCW evolved (or devolved, depending on your view) into something markedly different. The names and faces closely associated with WCW, mainly the big guys that jumped ship from WWF, were either gone or as good as.
To me, that was the first hurdle that WWF was never going to overcome. The WCW that 'invaded'? That wasn't far off from what WCW was when it died. Sure, we didn't have people like Flair or Sting, but the bulk of the regular talent was still there. Most relevant people had either had guaranteed contracts to sit out or had already jumped to WWF before WCW went downhill.
So, to do the question thing again... Do I think the Invasion would've been more successful if Flair, Sting, Hogan, Goldberg, and the nWo had shown up on that first night? Very likely. Do I think that WWF's booking still would've stunk? Definitely.
A key point to make is that even booked almost the same way, the angle would've gone over with those guys, because THAT'S the WCW people wanted to see. Had we been offered the nWo vs. WWF guys right away, people would've overlooked poor booking. Had they given us the matches we wanted between these guys, it would've gone over better, no question about it. But, what we got was bad booking involving people we didn't give two shits about. Did anyone really get excited about Booker T vs. The Rock? How about Scott Steiner vs. HHH? Let's flip the history and talk about, I don't know, The Rock vs. Kevin Nash. Austin vs. Goldberg. Flair vs. HHH. Angle vs. Hogan. Those matches would've carried the Invasion, no matter how poorly it was run.
Now, I fully blame WWF for bungling it. Once the McMahons became the focal point and they started fronting people like Austin and Angle, it was over. Done. Buried. As we all have talked about, a WCW/ECW invasion ended with two WWF guys in the ring. Against each other. To think that anything other than bad booking killed it is foolish. What I will assert, though, is that given what WWF was handed, I'm not sure *how* I would've booked that angle to make it as good as everyone wanted it to be. It was never going to live up to the hype as it was, but to cripple the feud by not having any of the guys that most people identified as 'WCW'? Dead in the water.
So, in essence, was the failure of the Invasion totally WWF's fault? Completely. Would it have gone over better if they had bought out some contracts? Definitely. At the end of the day, WWF screwed up, and they deserve full derision for that. However, with the crop of talent that came in, it was an uphill battle from the word 'go'. Booker/Bagwell is just the epitome of that. They could've had the match of the century and it would've meant nothing.