fake storylines/drama + real fights. Could something like this be succesful if fans knew non of those grudges were real?
Yes. It's called boxing. 
i am sure lots of the drama to hype fights aint real. so we sort of have it already
MMA is pro wrestling of the 70s early 80s only with legit outcomes.
Simple formulas.
Titles matter (until interim belts get created), guys cut promos on each other and sell tickets/PPV to the fight where you can't wait to see them get it on.
It's why old school pro wrestling worked.
Now it's a TV show and far different but pro wrestling of the 70s and 80s was selling you on blood feuds, selling you on buying a ticket and getting you hyped about rooting for one guy to win.
It's a perfect formula.
Pro wrestling has the advantage because they book the outcomes. So if they'd kinda go back to the old ways, it could actually make pro wrestling more entertaining BUT shoving that genie in the lamp may near be impossible.
WWE with the response to fans getting into Kevin Owens and John Cena is a taste of how using what always worked WILL always work.
UFC with anything from Chael and Silva to Ken and Tito to Conor and Aldo is an example of using the same formula here.
Old pro wrestling was fixed martial arts and it was about selling the fight and making that title fight must see.
Same shit UFC uses today for big events. 
have you seen inoki genome fight promotion?
Pro Wrestling>MMA
A lot of MMA fans hate to admit that the sport has copied a lot of the successful elements of pro wrestling.
MMA is what pro wrestling would be if it was a shoot instead of a work.