This seems to have some merit. Many of the proposals have, IMO, been a bit myopic. I'm not sure if this one will work, but, again IMO, it seems worth a shot. While I don't really understand how the witnesses discount, the basic idea makes sense.
The big question is, "What harm can it do?" When it comes to intervention, the first rule is "Do no harm."
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Well, in the negative scenario it would flood the market with a huge amount of newly created STEEM and put significant downward pressure on the price, causing it to drop lower than it would if left alone.
Hrmmm, that doesn't sound too great, does it? lol