Foley was never GM but he was commissioner in 2001 (same role but for the entire WWF rather than one show) and it wasn't very good. He was too nice of a guy. You need an asshole, like Eric Bischoff or Paul Heyman, to make the role really work.
Bischoff is still my all time favorite GM, back from the days when the role actually meant something.
12/27 -- Unearth/Protest the Hero
03/07 -- Video Games Live
07/06 -- U2