Monfils is #12 right now. He doesn't have far to go to crack the top 10 again (he reached #9 in '09). He only has to pass Youzhny and Melzer. I certainly don't see how that's going to take a lucky draw at a major.
Almost all players choke at one time or another, but I saw the Fognini match you referenced and Monfils definitely did not choke that match away. Fognini played bravely and extremely well, and simply won it. It was a tough loss for Monfils, to be sure, but in no way was it an embarassment.
The truth is Monfils is already a better player than Noah ever was. Of course, the game is a great deal more competitive now, and the field is FAR deeper than in Yannick's day. That, together with the Rafa and Roger stranglehold on the Slams, is why it's really quite unlikely Le Monf will win a Slam.
But if he did manage to pull it off, he might well become the same sort of cultural icon in France that Noah has been these many years. If so, I hope Le Monf wears it as well as Yannick, but that would not be easy to do.