I really don't think a change like this can be made without some sort of change to the system, whether it means making math compulsory at VCE level or even it being mandatory in the top 4.
If that change is made, I think it will have the desired effect of giving those who may despise math a way to do it without heavy strain. Otherwise, I think it's only going to exacerbate the cause of stress for VCE students. If they are going to stop more capable maths students from doing it, the main method I can see is to heavily scale it, and then we're back to the cyclical issue of promoting scaling as a reason to, or not do a subject.
I'm not sure how much of a positive effect it'll have. A lot of people (not just the 'perceived' smart kids) say that Further is easy as it is, so what'll this one be?