Possibly. The point is that (a) admins will often see individual revs they want to zap (prior to notifying the oversighters, usually - but take them out of public view ASAP) (b) it needs to be easily undoable in case of error (c) it needs not to have the effect deleting a page with a zillion revs does.
It could be done so admins can delete revisions in such a way that only oversighters can undelete them. That would solve (a) while failing (b). Allow admins to undo only their own such deletions would help. This would, of course, be in addition to deleting revisions in such a way that any admin can undelete them.
Making the oversighters more of a bottleneck is the problem I see there. Giving admins the power to delete individual revs wouldn't IMO be a great change from now - they currently do it, they just have to do it by deleting the page and selectively restoring all except the bad revs ... which seems to me more prone to error.
A very good point. There's no way this feature can really make things worse...