Introduced such a system about five years ago. I can vouch for the fact that it works very well on a local basis. Good spread of boats winning races and fewer **ssed off sailors. The reason is someone listens to them and acts. It only takes someone to get off their backside, look at the local results and see what is happening. Get the participants then to agree to the adjustments and agree to reviews as appropriate.
The advantage is this system takes into account the local sailing environment and local sailors, after all this is where it is to take place and who it is to benefit. The only advantage of an inappropriate system is to the competitor with an under-rated boat.
Get your heads together at your local club and work on a proposal using last seasons results. Model these figures into the finishing times and look at the spread of results. Stop when happy and agreement is reached. If necessary shadow next series to verify new figures. What have you got to lose?

With time it could maybe be incorporated with other clubs data for regional figures.

Cheshirecatman