This would do nothing but cause the kids who already cut a lot, to stay cutting the entire day of a tourney. They have already made the choice to cut poorly, what makes you think they wouldn't continue doing so under your new rules? It would now just be done in an even more unhealthy way by forcing themselves to keep that weight off all day.

What this would do is cause chaos for all tournaments with the forfeits that would for sure happen in the middle of tourneys.

I too wrestled 30+ years ago, and the difference is night and day between what's allowed/done nowadays. Is it perfect? No, but it is far from unhealthy anymore.

Cutting a handful of pounds a day or 2 before competition is not a big deal. Yeah, there might be a small minority who push the limits and skirt the rules to cut much more than should be allowed, but those would be the same ones gaming your system.