The only real change I would make is this:
The first
Genie+ pass of the day and any ILLs can be purchased the night before (10pm? midnight?) and you can choose the G+ return time. If I WANT Slinky from 7-8pm, let me pick that. Or Test Track at 11am...or whatever.
That way people can sleep in without losing anything. IMO, this would relieve pressure from the parks and transportation at open. Currently, G+ buyers feel a lot more pressure to maximize their value by arriving as early as possible. (Also, they've been awake since 7am, so why not?) If you keep those people in their hotel rooms a little longer, other people not buying Genie will have a better experience during the first couple of hours.
On G+ days, I can go back to the days of strolling in the park late-morning without having lost any value / time. You get your next G+ reservation 2 hours after the park opened and continue normally.
Having the ability to choose times on every pass would be nice but not essential. The downside to it is you're probably staring at your phone more often.
I'd likely buy Genie twice per trip and use park hopping to get a few short lines at each park at least once. Other days we'll use early entry or late nights, or just stick to attractions with shorter wait times.