No, I wouldn't want that. It is what it is. I think your proposed jump is too drastic, and would simply reallocate, what you perceive, as 'unfairness.' I thought wrestling prided itself on being a level playing field where the outliers could compete.
While there are no doubt a number of very good upperclass wrestlers sitting because of circumstances (Brownsburg, Perry, Mater Dei, etc), I would bet they're a number sitting simply because they have not put in the time and effort that their varsity counterpart has.
I am only pointing out it depends on your perspective, and asking you to recognize there are a number, not just my son, of smaller underclass wrestlers that have some talent, have put in as much, if not more, time and effort, and are equally deserving as any upperclass backup. And, I'm pretty certain that if one could to equalize weight, Cernus and Cotty could compete with, say, the HWT finalists.
As far as cutting, you and I are of like mind, but I don't see that changing anytime soon.