If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.
Skyrocket? It is to laugh.
You explain to me how the piddly <5% additional cap that would come from each and every alt coin liquidating and going into bitcoin would cause more than a whimper in bitcoin cap! and I'll pay attention. Otherwise, you're just pissing in the wind.