The way you have it
might not open up exploits, and it would definitely give players (us!) a lot more to work with...
...but
It's also very complicated for most users, and adding a whole new menu button in and of itself is a big change. I think that hiding the process somehow (like with snapshots) would make it a lot easier to work with on both ends.
Don't get me wrong,
I would rather have your original idea. However, I just don't see them doing something that drastic and would like to at least see some form of it (much more applicable, but fewer capabilities) actually show up in the game.
Also this.
