I really think these two guys would be brilliant if they teamed up, not as a tag team of course, like a faction, with a bodyguard (Festus) and possibly a female valet to assist them.
I love Punk and his heel turn has been fantastic, he is forever growing and his character is growing all the time, McIntyre is a great prospect too, he has all the tools needed, however there always seems to be a pressure on these guys to get a spot pretty quickly and if they don't get it either through bad timing or poor booking then they can become the nowhere men, Dolph Ziggler being the latest example.
I think having Drew play second fiddle to Punk yet an equal at times too could help establish him as a serious player and someone with genuine potential however being with CM Punk would also allow him time to develop without the expectation of having him move up the ladder to quickly.
To paint a picture in your head to how it could work try using the original formula for D-Generation X as the basis of a faction, not the same 'anti-establishment' views of course, I just mean talent wise, the main event guy, the guy with massive potential as the 2nd guy, a valet who can sway matches and an insurance policy bodyguard type figure.
HBK ---> CM Punk
HHH ---> Draw McIntyre
Chyna ---> Beth Phoenix
Rude ---> Festus (if the WWE ever pull the trigger on him)