A thought experiment, if you will...
As Ryan Satin mentioned above, it appears that the European title will be revived tonight on RAW. Were I lord and master of the WWE Universe, this is what I'd do.
I would set up the European title to function as a means to promote the WWE in Europe. Specifically, the European championship would be defended a lot in NXT UK and any WWE-affiliated promotions in Europe. This would work similar to how the NWA World Champion used to hit the territories to wrestle against the local top guy. The NXT UK champion would get a program with the European champ. Each time the NXT UK champion changed, at some point he's put into a program with the European belt on the line. The UK champ would also come to the US to wrestle on RAW/SDL to get exposure over here. In this way, you strengthen your brand presence on another continent and you give UK wresters exposure here to see if they're worthy of a future main roster call up.
Going further, I'd establish the secondary titles as quasi-territories. I'd give Shane-O-Mac the European title, HHH the IC belt, and Bruce Pritchard the US belt. Contenders for the Universal title would be determined by a committee of HHH, Shane, Pritchard and Vince (all of this kayfabe). The Universal champion would have to face a title holder on a fairly regular basis in addition to his regular feuds. (This would have its roots in boxing, where committees determine who the #1 contender would be - thus giving the E more of a sports feel to satisfy FOX.) Should a secondary title-holder win the Universal title, the secondary title is vacated and a tournament for a new champion crowned.
If I'm picking an initial European champ, I'm going with Drew McIntyre - someone who is an honest to goodness European. In a tournament, I'm probably throwing in Finn Balor (even if he is the IC champ), Cesaro, and other non-Americans I can find. The goal initially is to have a European hold that belt. Afterwards, book it as you wish.