Protocol-wise, that's true. If we completely replace scriptPubKey with scriptHash in the protocol (which is how I'd suggest doing it), we can convert all of the legacy scripts to P2SH.
Practically, someone would have to keep the old script data around, but I suppose, thinking it over, the Satoshi client already saves that in the wallet, anyway. So yes, a straight conversion would work.
etotheipi, what backup case hasn't been considered?
Sorry, I misunderstood the statement that "all transactions should be P2SH scripts." That's what I get for rushing through the description...
My concern was that moving from vanilla OP_CHECKMULTISIG to P2SH meant that it was no longer possible to just make one backup of your [deterministic] wallet. You have to continually backup scripts and script-hashes after every multi-sig transaction. But there are good reason to use P2SH, I feel like it's the better of two evils . But I will still complain about the extra backup complexity associated with it -- the scripts to be backed up are not-sensitive, but important, and many users may not want to setup autobackups of their entire wallet, encrypted or not. So it will require saving the scripts in separate files and maintaining a separate backup system for it, and must be executed after every transaction. And I need to build in a system for restoring an entire wallet from a private-key-only file plus script-backup-file. And figuring out how to recover as much info as possible in case the script-backup-file is not recoverable. Again, that's what
that other thread is for.
When I heard "all tx to use P2SH" I immediately started thinking that all transactions were going to suffer the same backup complexity. But the proposal is really more about changing the format of the standard scripts, so you
will still be able to scan the blockchain for regular transactions -- they will just have a different form. I was thinking more like proposals where even the regular tx is "obfuscated", requiring you to save some critical information in addition to your private keys, in order to identify and redeem it.