If they stay within the rules including on spending... it's competition ultimately
You point on destroying the integrity of the football league, where is your integrity for sport? I know I'll be alone on this but if a team wants to start at the bottom, whether that be Man City B or Blackbird Leys, and stay within the rules set out, making their way through all of the leagues to get to the football league, then I'm sorry, they deserve to be there.
Ultimately none of the big clubs would bother with the hassle, hence killing the idea dead anyway, which kind of would be the point.