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No. Because I don't see how we can have a "permanent" reduction in arbitrary data storage. People will just figure out other hacky ways to embed arbitrary data. So I don't see the point in chasing. I think the block size limit and the fee market are adequate to address this problem.
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What if someone proposed expanding arbitrary data limits?
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Do you mean expand the block size limit? I don't think I'd run that.
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Is that the only bound on data storage? I thought some fields had maximum values.
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I’m not interested in defending this particular approach.
Would you feel differently if it was just a straightforward permanent reduction in arbitrary data storage?