I don't hate the idea if it results in a B1G dual championship between the divisions, as some here are suggesting, because then we'd probably get an Iowa PSU dual more often than is presently the case, assuming the quality of both teams remains the same.
I imagine that if you looked back ten years and ran the numbers assuming this format was in place, Iowa and PSU would probably have won their hypothetical divisions and thus faced each other in a conference dual championship, with Ohio State
I guess the question is what drops out if you're suddenly squeezing in another championship (with travel) the week before the traditional conference tournaments (travel) followed by the NCAAs (travel). Seems like you're going to have to either trim duals or perhaps kill the traditional conference tournament.
I'd not be entirely opposed to replacing the conference tournament with this. On the one hand guys who would presently wrestle 3 or 4 matches (at a conference tournament) would instead wrestle 1, but a conference championship based on duals is a better reflection of the "regular season" and so perhaps more fitting to end it as a team.
Or maybe you combine the dual and traditional conference championship into a single event by doing the dual championship on day one, and the traditional on day two, but narrow down day two to only, say, the top 8 seeds.