I personally watch 205 Live every week and think it's highly entertaining. It's always much better than what is presented on Raw. Everyone for the most part has a character, and there's always a great main event. Every rivalry always ends with a great match. Now there's the Enzo vs Cruiserweights story that's turning out very good. It's just a solid show, and somehow, they always work hard enough to get an invested crowd.
However, while I think 205 Live is a really good show, and think it just needs more people to watch and realize that, there are a couple of things I'd fix. I don't think moving it before SD would work. I think it's ok to have it after, unless they move it to Full Sail and air on Wednesdays, which I'm not against. The full sail crowd would/do love all those guys, so it would be a hot crowd who are invested in them. Though, Full Sail isn't the loud, energetic place it once was.
1. Give more of the roster more mic time and more segments on Raw so the people who watch it can get more understanding and more attached to guys like Drew, Nese, Dar, TJP, Swann, Cedric, etc. They do get a good bit on 205 Live though.
2. Let them work outside of the CW division sometimes. Let Tozawa team up with Crews, or let Tozawa face Elias. Let TJP go against Kalisto. Let one of the Cruisers beat Curt Hawkins. Give them segments with the Raw talent so they don't seem like a side attraction.
3. Let them go full out. The guys don't even work house shows much unless you're the champ anyway, or the occasional NXT show. So let them be the guys they should be. The ones that go out there and go all out in different styles. If they get five minutes on Raw, let them put on a show, not your regular slow paced Raw match. Same on 205 Live too. Let them go full out and make fans want to see them more.
4. No more matches on pre-shows for the Cruiserweight title, and if there's a time to really let them go all out, it's any Cruiserweight championship match on a PPV.
5. No more random six man tags. Stop making them the divas division.
The cruiserweight division is a roster full of talented guys, who work hard under the crappy booking they've been given. However, 205 Live has been consistently good for months and this Enzo story is going to be good for them. There's still a good bit of work to be done, but it's on the up-swing, WWE just needs to keep going for it.