Remember, you don't have to sell. Thats what makes the limit good. You wouldn't be faced with ridiculous valuations. If you want to make big bux, sell over seas. The player has the right to refuse. Either way the local development would increase and so would the quality of the british brand
We didn't have to sell Bale/Modric/Berbatov etc. but they still went. Don't think it would work mate. The bigger clubs would still be the attraction and players would cause a fuss to get there. It's gone too far and I doubt that it could be clawed back now, players do what they want.