This looks mostly like a Dnite ban; other wrappers can still do their fair job, in the way they should be used.
Also: you can switch in another wrapper, use a cycle, switch to another wrapper... (can't you?)
It would only increase the chances to miss, that is the main problem of using Wrap already.
About effectiveness: Dre has been using Wrap, and pretty good at, and he had good games and bad ones.
Thunder Wave on the miss (where outspeeding is not possible) is the best way to stop wrappers (a paralyzed Bel means something like a 5 vs 6). I don't know a lot of players who play in tournaments that would like to lose a game due to a Bel's Wrap miss.
I'd conclude with: no ban, ban and this kind of restriction are three equal options in my opinion, and choosing one or another is subjective as it gets.
I've always been against banning, but I know that's subjective- the fact that wrappers are barely used influences my opinion a lot.
Only thing that should be fixed, no matter what, is that on PO you can't see when Wrap ends.