Hey Scott,

Reading your 92 Rumble review made me think about Flair in 88. If he showed up at Summerslam does he linger in the background for 8 months as the Mega Powers explode? Would Vince put him with Tully and Arn or would that be too close for comfort?

And on the opposite side–Flair leaves does Turner shut it down? If they keep going, do they go all in on Luger or is there someone else I'm not thinking of?

If Flair left, yes, Turner would have shut it down.  In fact the buyout of Crockett was mostly contingent on Flair being around as a part of it, so it might have never made it to the stage where TBS bought the company in the first place.  
As for Flair at Summerslam, I have no idea where they'd slot him.  I think that with JJ's involvement, he might have ended up as a part of the Heenan Family with Tully & Arn, yeah, but he certainly wasn't getting rocketed to the top like in 1991.  Perhaps he would kind of fall into Ted Dibiase's spot?  But they already had Dibiase.  So it's probably a good thing he stayed.