After The Nexus and The Corre (God, that was awful!), I, too, was of the same opinion that it was time for Wade Barrett to fly solo. But, recently, I think a faction would be good for him.
For years (since WWE '12), the IWC has proposed a United Kingdom faction (in, which, the WWE '12 video game brought this idea to life - complete with their own music and entrance video and all). I think now is the time to do it.
Remember how Evolution revolved around the Triple H and his World Heavyweight Championship reign? It added GREAT presitge to the that Title. I think a faction revolving around Wade Barrett being Intercontinental Champion would bring a whole new level of prestige to that Title, push some new talent, and create fresh new storylines.
Having Regal have "one last run" as Barrett's mentor and manager (The fact that WWE has NOT put these two together is a true testament of WWE's LACK of creativity). Give Mason Ryan a role as the dominant enforcer of the group, and have Drew McIntyre join up as a serious heel again (turning on 3MB, who he believe to be a "waste of his time") and reclaim is status as "The Chosen One" of the WWE. A McIntyre and Ryan tag team would be a no brainer.
As for British Ambition, they could be brought up to the main roster and instantly become WWE Tag Team Champions. Regal tells Barrett that he was impressed by these two on NXT and they should join the group as fresh blood. But British Ambition decline, and then you have a fresh rivalry and push for all these talents. DONE.