"In my opinion if the Viper is selected the F16 class would take a bigger hit than if the Nacra 17 is selected. First thing that comes to mind would be fiddling with the class rules. "

I'm not following your logic. Imo, these are two different things, an Olympic boat and F16 class.

The Viper is successful in it's own right and fills a market niche. An Olympic version might be lighter than the standard model, built of solid Unobtainium so that it is stiff to a fault, cost much more and still fall within the F16 class rule. Still only an elite sailor will be able to utilize the enhanced performance.