The day something like this is done, while the intentions may be noble, is the day Bitcoin dies.
I used to think this as well, but I was reminded by someone that all this will cause is a fork in the chain. The Bitcoin purists will continue along just fine.
In fact, I will speculate that if such a fork does occur, soon the forked coins will be worthless and the forkers will be coming back to the original block chain in time.
Ha! Forkers!