I also wonder because usually when you have the arm trapped and you lift your not holding him for long. You are immediately returning him to the mat in most cases. So as the referee is blowing the whistle to stop the offensive man is already returning the guy to the mat. This could almost turn into a worse situation as one of the wrestlers could relax after the whistle during the return or the return still happens and then they are just going to restart.
While I do see the danger of this, I also believe that it will be hard to police. If it is lifted and returned does this become illegal and penalty points awarded? Just curious...