His time in the WWF and WCW was as primarily as "enhancement talent" to make the superstars look dominant in their squash matches.
"Enhancement Talent"? You must be channelling McMahon because these workers are known as "Jobbers". Traditionally guys who have more talent than box-office charisma, they carry the up-and-comers and make the stars on the downhill side look good again (like the aformentioned Jimmy Valiant).
On the upside they have an easier time staying near their home base than the stars do, allowing most of them to have some semblance of a real life between gigs. Ol' Pez was a consumate jobber.
In case anyone didn't know, Angelo Poffo is the father of "the Macho Man" Randy Savage and long-time world record holder for the most sit-ups.