Watching the nWo dvd from back in the day, Ted Dibiase explained what was supposed to go down with the nWo on tv.
They knew they couldn't say WWF or Vince McMahon were their benefactors so Ted was the money and power behind nWo in the beginning. But Eric Bischoff became more and more happy to be on tv. So then HE became the man behind the nWo. Despite months of being harassed, beaten up and then being put through the stage by Nash. It made no sense for Eric to be nWo other than to serve his own ego.
But as far as who could/should be considered nWo, Hogan, Hall, Nash, Ted and Syxx were all WWF and sold the illusion. You could say Macho Man, but he didn't need to be there. Steiner was a part of WWF and Japanese promotions too. Which again feels outside of WCW's control. You throw Konnan in for the lucha connection and Norton as another guy from Japan/muscle and you have a real faction as a viable opposing entity.
Giant, Hennig, Stevie, Adams, Horace and Booty Man shouldn't have worn the colors.
Maybe Buff for comedy relief, but I have a soft spot for his finisher going back to WCW Revenge...