I agree. What makes it less beautiful is that the team state has less than 100% participation and is not sanctioned by the IHSAA. With IHSSA endorsement we could have regional qualifying tournaments for team state and remove some of the controversy concerning ranking.
As far as wrestlebacks are concerned, the whole reason for single class individual system is to have the best wrestlers on the podium. Putting in an extra round to ensure this, especially at semi-state, is not an extravagance but a necessity.