You're right, the $1 figure quoted should be adjusted to the haircut if there is one. Whether there is a haircut and where it should apply is independent of this proposal.

Good comments on HIGH and LOW. I will think about that some more. But I don't think updating the proposal should be viewed as that big an obstacle, as this will likely be needed for size. I don't suggest starting with the largest size that would ultimately be needed (or just seen as best), and probably shouldn't start trying to target the tightest peg either.

If this goes forward, it will likely be updated subsequently.