It would codify the current situation and put lobbyists where they already are, doing what they already do: write laws. It would put a permanent majority of living, breathing human beings in charge of those laws and might actually bring technocrats to the Senate instead of self-dealers. Half the lobbyists in Washington would become Senate staffers and the very word "lobbyist" would lose its negative connotation overnight.
This, and the War Tax, could be the primary causes of a new for-profit corporation. I say this because I crashed the Tea Party Convention and got an unauthorized look at how you can get away with monetizing revolution: