Like Modeller, I've also taught up to CSE, O-Level and GCSE level (plus A-Level).
Comparing the old Maths O-Level papers with the current GCSE questions, I've absolutely no doubt that the GCSE syllabus is actually much DEEPER and HARDER than what was being tested at O-Level.
However my concern is that the grade boundaries seem to be getting lower. To get the highest grade at O-level (or at CSE), you'd need to achieve at least 90%. (The CSE examination group I worked on usually set the threshold for the top grade at around 93%). If you drop the cut-off for the highest grade to around 70% (even if the examination is somewhat harder) it's hardly surprising when more people get high grades!
What is even more worrying is that lowering the cut-off points in examinations seems to go beyond secondary education. Some medical students now qualify as doctors with average marks of less than 50%.
And to answer the actual question asked by Moonraker:
No! It's an appalling idea!!!