I agree with that it has some potential "gotchas"- and it should!  
The truth of government and public policy is that the guys with big money -  with their paid full-time lobbyists; with paid publicists to sell their case, and with "gifts" they can and do provide to individual legislators or regulators  in the form of jobs "at some future date", or positions for relatives, or for large campaign donations,  -  these large players have big money into winning their positions, which ordinary Alaskans simply cannot match. The original decision just attempted to level the playing field. The revised petition is far less effective at doing that – but it's still better than doing nothing.