Doug,
As I've said, I don't really think what I'm talking about would be "bifurcation" if that means "two sets of rules". Basically, anyone putting on a competition in which they want big hitters hitting longer clubs on shorter courses should specify a lower-performing golf ball as a condition of competition. That would solve one problem, namely the perception that pretty soon only 8,000 yard courses will be suitable for competition at the highest levels (a perception that I think is wrong, BTW).
To my mind the issue of distance for the 999 out of 1,000 players who are not competing at a high level is a totally separate one. I agree that the USGA/R&A have waited about ten years too long to come up with a meaningful ball test and that they should remedy that error today if not sooner. Personally, I'd gladly play golf if my choices of golf balls were something like the Strata Tour Pro 90 vs. Titleist DT (which were pretty much the state of the art for soft vs. hard two piece balls when I started playing golf a few years ago). And it is completely reasonable to tighten up the testing regimen so that in a few years we don't have balls 10% hotter for the big hitters than we have now (which is my best guess as to the limit obtainable by gaming the current testing rules).
However, and this is a big however, such a rollback to balls slightly slower than those which have come to market in the past several years will not satisfy those who are complaining about people hitting the ball too long. If you let a college golfer (who is a actually Tour pro in training) have a modern driver (even with a COR restriction) on a course to modern maintenances standard (fast, perfect fairways and receptive greens) he is going to bomb it long, high and far given any reasonable golf ball. I'm not saying the goal is for a hacker swinging at 90mph to be able to play 6,700 yard tees and hit irons into the long two-shotters. I'm just saying that no matter what ball you use, Brad Swanson and I are going to play two different games on the same course even if we use tees 1,000 yards different in length. You can't come up with equipment that lets Brad play a 400-yard hole with driver and mid-iron while also letting me play it from 330 yards with driver and long-iron. Architecturally, you can't design courses that play the same from the back tees and from 60 to 100 yards forward. So my conclusion is that on any course suitable for wide range of players with reasonable separations between the different tees, Brad's going to be hitting wedges into a lot of Par 4's and I'm going to be hitting fairway woods into a lot of Par 4's. You can't narrow that down with equipment restrictions.
I think what people hope to accomplish with additional restrictions on technology is to have the longest hitters play traditional length courses hitting traditional clubs into the greens. Any equipment that accomplishes that goal will render the millions of short hitters out there unable to experience those same courses in any meaningful way.