This is not entirely a bad idea. It is actually cannon to DBO but getting it will be a hellish process indeed. I honestly can see this happening instead of other Super Saiyan forms being that technically "everybody" can get it. I'm pretty much intrigued to how that would work game wise.
One thing though, one big black mark against this. What makes us so special that Old Kai is willing to unlock our power like that? I think it'd be better if we had an old man who was taught by Gohan how it's done. Maybe use Master Roshi?
Might be easier to get the current Namek elder to do what Guru did to Gohan and Krillin.
Old Kai's techinque is better, but it worked as good as it did because of Gohan's OP'd potential. Our chars may not see that level of power without being game breaking OP'd. I do think that if it where to be added, it'd be maybe like a buff that increases every stat you have by a certain percent.
Some comments realy made my day ^^ I think elder kais ability should work like a supportive buff for example when you die you won't lose your buffs and it could increase speed and dodge rate of your character. The only penalty would be that like Gohan you won't be able to transform.
It could be achieved from quest chain like finding z swod, breaking it to release Elder Kai( Lets imagine that poor gramps were improsoned again in the same sword by Mirra himself) ^^