Vince Russo planned on doing this as a plot element to the Stacy Kiebler pregnancy angle. She was seeing David Flair in the storyline, and was his fiance, so Russo planned to reveal that Stacy was Ric Flair's illegitimate daughter. Fortunately, WCW went out of business before this angle could come to fruition.
Vince McMahon of World Wrestling Entertainment has been trying to do an incest storyline going all the way back to 1999, when Ken Shamrock was supposed to be in love with his Kayfabe sister (Shamrock refused). Then Vince tried to have an incest storyline between himself and his real-life daughter, Stephanie (she refused); he countered by replacing himself with his son Shane (both of them refused). He finally got his incest storyline between Paul Burchill and his Kayfabe sister Katie Lea, although it never got past Incest Subtext. Note that his inability to get an incest story actually going didn't prevent him from alluding to such things.
The repackaging of Chaz Warrington and Marianna Komlos as a bizarre fifties pastiche called Beaver Cleavage and his mother Mrs. Cleavage was supposed to lead to an incest angle. Since the audience hated it, it was pulled inside three weeks. However, this was Vince Russo's idea, not Vince McMahon's. McMahon himself pulled the plug on the angle.
