Hm... What's needed right now is a better alternative to Bitcoin-Qt for newbies that don't want to spend several days downloading gigabytes of blockchain. I would recommend MultiBit if it had wallet encryption.
The feature you describe above sounds useful, but is it really worth spending time on it
now? How about pushing that to 0.6+, and releasing a 0.5 with the same type of wallet encryption that Bitcoin-Qt has?
MultiBit has an opportunity to increase its "market share" now while Bitcoin-Qt sucks, that may go away when ultraprune arrives.

After some discussion on the bitcoinj mailing list, I've come round to Foo's point of view in that the wallet master key is not really worth the development effort. The time would be better spent on finishing off the current encryption code and getting it out the door.
This would then enable me to contribute earlier to the Java hierarchical deterministic (HD) wallets coding.
HD wallets are probably going to take over from 'random key' wallets anyhow. Having the mnemonic pass phrase will enable you to recreate the whole wallet (Electrum style) if you need to.