Sure he could tell a story in the ring...
THAT'S the most important aspect!
And, he did it among the best of anyone else in the business with the skills he had. It didn't matter if he couldn't or wouldn't take bigger bumps; he didn't have to. There are guys who did crazier shit, but it never had anywhere near the meaning of Flair's ring work.
Undertaker's suicide dive isn't anything spectacular compared with the trampoline acts done by RVD, the Hardee's, Sabu, etc., but Taker gives his spot just as much - if not more - meaning the one night per year he does it.
Ric's work held up then, and continues to hold up today, because of who he is. Somebody new would not likely get the same mileage out of any of Ric's material. That's an impressive accomplishment!