The only problem with it is that the problems it solves are problems for people who don’t have a say in the matter. While the drawbacks it implies affects people who have a say in the matter. (Either through voting or lobbying)
The fact that the current system imposes a form of long identured servitude on imigrants is not a bug but a feature. This benefits the employers in very direct ways.
The fact that the current system processes applications from select regions of the world much faster than other regions of the world is not a bug but a feature. It is a system which maintains plausible deniability while in effect racially selective. This is a sad and quite odious, but it appears to be consistent with the preferences of many voters.
All in all: a good plan with some fatal flaws. And I am very sad to say that.