There's no need for this. A balance sheet is the exact same thing as blockchain, just in a different form. It doesn't matter what supposed traps are in a genesis block. It's not a problem.   

There's one big problem, a "referenced transaction". Currently you can send a transaction which is valid only if referenced transaction is valid. That's fundamentally incompatible with limited blockchain. So either the 'referenced transaction' is limited to 'transaction in the last n blocks' or it goes entirely.