I have always thought that's an interesting idea. Than you don't chase the metal but the lifestyle. And in the end, isn't that's what it's all about. In Europe they do this and the senior equipment is often the domestic narrowbody flying. The guys are home more often with relatively few time zone changes. The junior Capts are flying the widebodies.
There may be a slight decrease relative to the senior guys based on a leveling system but overall I've often thought many issues could be resolved this way.