I'd say they'd have to factor in a bit of both. At the end of the day, the likes of Benoit, Jericho and Guerrero made enough of an impact to put them high up the list, where as there is no doubting that people like Hogan, HHH and Savage had an impact for different reasons.
I dont really like classing HHH and Savage in the same bracket as Hogan as they have talent as well as being "made" men!
The list has to factor in all aspects of the wrestling industry to classify them as being in the list. There has to be a balance of talent and inovation mixed with the ability to do promos or just being a huge star a la Hogan.
Guys like Austin and The Rock will be certainties just because they were huge and had talent, as I am sure Hogan, Undertaker, Angle and Savage will be, because they are all big names, but are all big for different reasons.