Yep it would. Anyway, this project has been scrapped. Seasonal hiscores are there to make hiscores competitive again, after all
let the normal hiscores stay as they are.
This may be a little late to put in my own opinion. but i say no for the simple reason is that reaching a 99 skill is an achievement, and it's a great feeling and being able to reset it and throw it away, it just feels like the process to max that skill is all for naught.
Personally I think prestige is an excellent idea! It brings back the competitiveness that, in a way, the SOF and treasure chests took out of the game. Nowadays with all the bonus exp players receive so many people are maxing out skills to the point where they can't gain anymore exp. And so fast too, I really hope this update gets implemented into the game in some way or the other.