IMHO Blade of Passion’s idea is the right one. Each combination separately should be evaluated as to difficulty and given a base value as a unit. In execution, this would not make the scoring system more complicated for technical specialists and judges (although fans would have to memorize a longer scale of values

), because the arithmetic is all done in the computer anyway.
It is too complicated, requiring a revamping of the entire scoring system plus change of requirements. Jumps still commend much higher points than other elements so the 3 proposed elective elements would be elected to be jumping passes.
It's not too complicated at all (Mathman provided some illumination earlier) and you've also not done the math correctly. There wouldn't be incentive for all of the elective elements to be extra jumping passes and extra jumps in combination unless the skater is a truly phenomenal jumper. For example, let's look at the technical layout of Evan Lysacek's Olympic program:
3Lutz+3Toe
3Axel
3Sal
CSSp
CiSt
3Axel+2Toe
3Loop
3Flip+2Toe+2Loop
3Lutz
2Axel
FSSp
SlSt
CCoSp
This is the maximum amount of elements allowed under the current rules. Under the revised rules, this would be too many jumps performed. In order to include both footwork sequences, he would have to take out either the 2Axel or the 2Loop in combination. A 2Axel would be worth 2.5 points and a 2Loop done on the end of a relatively easy 3Flip+2Toe combination would be worth less than 2.5 points. Why would he choose to include one of those jumps instead of a Footwork sequence that would score him 4+ points?
In fact, he would likely take out
two jump elements and include an extra spin (or even a 3rd footwork sequence) in the program, because those would also score higher than simply throwing that 2Toe onto the end of the 3Flip. His program would instead be more like this:
3Lutz+3Toe+2Loop (a 3-jump combination would mainly only be worthwhile if it was more difficult; we wouldn't be seeing superfluous Triple-Double-Double or 2Axel-Double-Double combinations)
3Axel+3Toe (more points for doing the 3Toe on the end of the Triple Axel; this difficult combination would become standard again in Men's skating)
CSSp
3Sal
CiSt
FCCoSp
3Axel
3Loop
FSSp
2Axel
SlSt
3Flip (there would also be an incentive for placing a jumping pass very late in the program, especially a jump more difficult than a 2Axel, so he would likely save this until later given how his stamina was a strength)
CCoSp
A program like this would be FAR more exciting/satisfying and that's what the revised rules would promote - jumping passes with a higher degree of difficulty and jumps spread out more throughout the program, as well as less jumps in total, rather than just cramming a bunch of jumping passes and relatively easy combination jumps directly after the 50% mark of the program.