Taken from Figure Four Weekly/Reddit:
The original idea was to be "along the lines of the famous Dallas soap opera storyline of who shot JR".
Vince's entire family including his real-life brother Rod McMahon (and his own family) were to appear on TV and attend a funeral for Vince.
According to a former WWE writer, Vince might have wanted to build up an army of stars to reclaim his throne upon returning. Other ideas were to have Vince grow out his hair, beard and fingernails while he was off-screen.
In the end, there would be a full on investigation about whodunit and Mr. Kennedy would come out about himself being the illegitimate son of Vince (before they brought it back and had it be Hornswoggle) and inherit the company.
From there, the WWE would do a Kennedy vs. Stephanie/Shane storyline to fight over control of the company with the conclusion at WrestleMania 24 where Vince would return alongside Kennedy.