Increased value of M would flow through CK economy without necessarily causing deflation, there are automatic stabilizers now, building payoffs in M being a prime example. Mooning M would put downward pressure on real estate prices, BUT, increased value of M building payouts would put upward pressure on real estate prices. During the sept 2016 revaluation event no such countervailing effects existed, and the game owed XMR denominated debt at the time also, which isn't the case now.
At that time the building payouts were made in XMR also. The only difference now would be M instead of XMR?
How would the results be different?
Last september the revaluation of XMR had nothing to do with CK, and the game was going to become insolvent in xmr, just not enough new deposits of xmr coming in, and insufficient demand for items to keep prices stable in terms of xmr.
Using M this can't happen, increased value in M will only come from increased demand for CK items, so M value is directly related to the health of the CK economy, and the game can't run out of M. If M moons it'll be a sign of increased activity in the ck economy, not an outside unrelated event, so mooning M will coincide with mooning ck item prices.
There is a possibility speculator demand could cause mooning M without there being increased demand and activity in the game items, but if that happened eventually the imbalance would correct itself, and speculator demand would fall off if the game didn't meet their expectations. Last sept there was no connection between mooning xmr and CK, so the only effect was massive deflation and eventual defaults on paying things priced in xmr.