This statement is a bit odd to me.
If the purpose of this change is to reduce lag, then how does greensteel come into play. Is there a lag difference if you are swinging a Greensteel sword vs a masterwork?
All I am seeing is that this is a DPS adjustment.
You could use the same fix for collision detection that you propose without adjusting the DPS much. Why not start with balancing the off hand procs / double strikes, etc to mirror current DPS. The lag factor should still be addressed, it lag doesn't change then this was not the issue anyway. Why meld the DPS change with the Lag fix?