I don't know that it would accomplish much that wouldn't result in more headaches down the stretch.
If 9 of 10 people don't have to change what they're bringing to BG tournaments anyways, does an issue exist? Would a guy like Alex do much worse if I built his list by throwing darts at the 40k wall? If the vast majority of people that historically do well are in the 3-5 point range, "allowing" the "less skilled" players to bring the 12 point lists might help more than it hurts. Joe Blow New Guy doing well with a "super cheese" list is good for me, it's good for you guys, and most importantly it's good for him.
Is it a cool idea for a much larger event like a GT? Maybe, although I'm not 100% sure it's an awesome move.
I think this type of thing is a really cool launch point.