I don't think my idea is really my idea. It's been hinted at by several people, including Hylian and the guy whom I responded to.
The primary issue, and it is a valid concern, is where does the hacking end? I think that's the major question that the community (or maybe just the SBR) needs to resolve before anything is set in stone. Personally, I think no tripping is the only tolerable hack that could ever be made for this game. This is because I find tripping to be the only intolerable aspect of the shelf version of the game.
It's been said there are several things that are far more broken than tripping, which should be considered if tripping is considered, but I think that focuses on the wrong aspect of the mechanic.
My issue with tripping is not it's effect on the metagame. If it were possible to control when I tripped and thus avoid it 100% of the time, then hey, I'd be perfectly happy with it. It would punish imprecise movement. But that's not what it does. Basically, tripping is wholly and entirely a malicious attempt by the designers of Brawl to piss on those who would play their game to win. It is the only aspect of the game that does this, irreversibly and unwaveringly. Essentially, I'm all for the use of this particular hack because it says that the consumer doesn't have to be pissed on without pissing back.
But that only justifies my own use of it, and it displays my bias, which is really the primary reason that I find use of the hack in a competitive environment permissible. Without tripping, we see what Brawl could have been if Sakurai didn't feel the need to completely alienate a subset of his consumers, and that's fine with me. Any other hack would change that vision, which is why I don't agree with them.
I don't see this becoming a universal standard, but I think it's an excellent compromise to allow the use of the no tripping hack, and no other, if both involved parties are willing.
Of course, the final decision belongs to the SBR, but I would hope that this is the compromise they come to. Because tripping really is ****ed up.