Unfortunately any attempt to peg HBD to the inflation rate of the USD will either deteriorate the debt ratio or will destabilize the inflation schedule for HIVE.

I think it's pretty obvious (as stated in OP) that if USD experiences inflation then Hive gains in market cap and the debt ratio stays exactly the same even if we raise the value of HBD. In fact, our debt ratio is clearly being lowered by doing nothing.

It also won't destabilize the inflation schedule because again, if Hive goes from $0.25 to $0.50 from inflation of USD and we modify HBD from $1 peg to $2... what has changed?

Our market cap doubled and our debt doubled. Same ratio. Someone who converted 30 HBD at $0.25 gets 120 Hive. Someone who liquidates 30 HBD at $0.50 again gets 120 Hive only if we account for inflation by pegging HBD to $2. Otherwise their value is leeched away to 60 Hive. Just like a real central bank does it.