Bad suggestion. Everything should be intuitive and simple.
Travel form (or some modification thereof) being on par with a mount wouldn't be a terrible change, as long as it was reigned in for official PvP areas/settings. It's certainly not a priority in the grand scheme of things, and world PvP really wouldn't be a concern against the change since Blizz doesn't really balance around world PvP. The one change I'd love to see is if Travel form could be usable indoors, since I think druid stags/cheetahs have learned to cope with enclosed spaces after all these years.
As far as being irrelevant, that's quite a bit of a stretch. The best case one can make towards irrelevancy would likely be raids since it cannot be used in most settings... although heroic Garrosh P4 iron stars had the priviledge of chasing me in Travel form and never catching me (Travel form + Feline's Swiftness + Drums of Speed = silly), so it's not completely unseen even in raids. I'd love if it became the most efficient method of getting from point A to point B in a raid setting, since the balance is not being able to heal/dps/tank while actively moving in Travel Form, but we'd have to get around that pesky indoors flag. Now, if we're talking about Travel form being irrelevant in PvP... no, it's not by a long shot.