I'm definitely optimistic.
WWE's shown a real interest in the american indies over the last like two or three years (i.e. since Triple H became the man in charge of overseeing developmental) and we've seen people like Sara Del Rey (as a trainer, but still), Antonio Cesaro (Claudio Castagnoli), Seth Rollins (Tyler Black), Dean Ambrose (Jon Moxley), Adrian Neville (PAC), Kassius Ohno (Chris Hero) and Luke Harper (Brodie Lee) all major indie scene acts, all now WWE superstars in some capacity.
Not to mention the rise of Punk and Bryan. Yeah they've had some missteps. Colt is always brought up when there's rumor of a top "ROH guy" close to signing but Cabana himself has said it all pretty much amounted to just bad timing. If he had signed maybe two years later than he did he might have had vastly different results. A lot of guys were released and lost in the shuffle when WWE was in that constant shuffle between OVW, Deep South and then FCW.
Generico has a lot going for him. He's not THAT tiny. He's over six foot and a good 200 pounds. Bigger than Rey and Sin Cara that's for sure. He's widely accepted as a not only a exciting guy to watch in the ring but also a very intelligent and safe worker which is always important to WWE. Can this guy adapt quickly, can this guy carry a lesser talent to a watchable TV match. He has the makings of a guy that they can trot out there and know he's more than capable of carrying the match.
But he has the gimmick. EVERYBODY is terrified he'll take the mask off and shit... I'd put up my house that if he does sign that shit 'aint happening. A lot of his buzz IS the gimmick, more so how he embodies and wears the gimmick. It's not just some cheap throw away thing for laughs, he's created a marketable fan friendly (see: PG) gimmick all by himself. WWE would be crazy not to capitalize on that. He might get a name change, at most a little tweaking... but he'll still working the masked gimmick without a doubt in my mind.