I think it's a great idea and it's worth trying. But I do worry about the haircut rule. Like in steem days when steem dropped from +$7, the haircut was in place for a very long time.

Especially with introducing higher interest rates on HBD, the demand will rise and the price of HBD might go up but with the new HIVE to HBD conversion, people might convert HIVE to HBD and try to take profit but what if we can't keep the price under 1.05 with all the possible HIVE to HBD conversions and reach the haircut limit? I think we can maybe take HBD from DAO and convert it to HIVE but that's very limited.

TL;DR; the haircut is easy to reach and if that happens we don't have many options.