This would be unrealistic to implement since it'd affect frontlines and DF. Yes, sounds great on paper, I can't imagine an implementation. The game would have to check everyone's blacklists and make sure they're not matched with each other...
Can you really match 72 players blacklists for FL? Or 8 player DF? Queues are already long as is especially if you're a dps. If you're really in this kind of situation where the once in a blue moon chance that you might queue up and get someone you blacklisted in your party, then you should actually look into queueing with friends or setting a PF where you know people you blacklisted cannot join.
At some point you gotta make a compromise, I am willing to make a compromise that at some point someone I blacklisted might end up in my party and I have the option to either 1. Leave 2. Stay. Of course in an ideal world, what you suggest would happen, but it very likely won't.