Principle is good. Maybe a lighter touch version where good or neutral karma actions like lengthening or otherwise generally modifying an article are excepted and only potentially demotivating actions like substantially shortening, deleting, or arguing with people are restricted (maybe 1 per week).
Congratulations - welcome to your time as a moderator. Your total punitive actions are X. Please feel free to use them as you wish, after which you are welcome to continue using the service forever.