Talk about an ambitious undertaking! I'm curious to see how these guys are received and what they create

No.

There will always be scams. Most altcoins are not driven by tech innovation and experimentation but by greed. That will never stop.

Maybe it doesn't eliminate all altcoins (Ethereum isn't gonna go down without one heck of a fight) but it will definitely create a far more attractive environment for people who want to build weird experiments with other types of chains, while at the same time allowing users of those chains to move everything over to mainchain when needed. Super cool stuff.