Are we talking a silly, goofy, action comedy, possibly for kids? Then sure, Rocky could pull it off.
Are we talking an actual serious Luke Cage movie? A street level, urban hero? If so, I don't think I can see it.
Basically, and I say this as someone who ENJOYS the Rock.... unless the film you're talking about is him wearing the yellow silk shirt and tiara, while everyone around him looks at him and says "WTF?", ala the Brady Bunch films.... then no. I don't like Rock for Cage.
But if we ARE talking about an all-ages comedy based entirely around the phrase "Sweet Christmas!".... then sure, bring on Mr. Pec-Pop-Of-Love.