#2 A tier of wrestling
This point might be in conflict with the previous one, but it adds some legitimacy to 205 Live. In NJPW, Juniors are treated as a level/tier of a wrestling division, and the same should be applied to 205 Live in the WWE.
Wrestlers should succeed in 205 Live and impress enough to make the move up to the Heavyweight division. While it's difficult to determine what makes a Superstar qualified to be promoted beyond weight, WWE must find a different reason than weight.
Why do I say this?
Because they already feature Finn Balor as part of the Heavyweights when in reality he is under 205 pounds. WWE could look at a set of goals and accomplishments that must be fulfilled for a said 205 Live Superstar to move up, just like they do with NXT graduates or mid carders going into the main event.
It might make the cruiserweight division seem like just another stepping stone, but it's better than being just an afterthought.