That might work for the lv99 exp rings, but could have a large negative impact on those still leveling. They last a much longer time if you use one at lv12 vs lv99, and provide full benefit to any job that's 98 or lower.
As it stands, since it's possible to hit the CP/kill cap w/o any ring/roll/kupofried, I think that would be a more important thing to update than the rings themselves.
Tested in CP party yesterday on what was likely to be a ~60k CP kill. I wrote down my current total CP, popped "Capacity Ring", finished killing mob.. Got 65335CP (which matched up with the amount I noted earlier), which is far less than the +50% bonus from the ring AND the buff wore off on the same kill. This indicates that the ring/buff saw that it "should" give more than 30k CP and wore off, but I did not actually receive the full amount due to the CP per kill cap.
So for CP rings, it would be more helpful if they could at least bypass the cap (if it's not possible to actually raise the cap.) For Exp rings, since it's not possible to hit the 65335exp/kill mark even with a ring buff, your suggestion does make sense.. Especially since it would do little more than affect merit point increase (which is plenty fast as it is.)

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