If the delay was right, this would largely replace one aspect of catchup and knob locking, as well as fine adjustment. I'm thinking that knob changes would trigger the one second delay, during which encoder adjustments could be made, but be ignored unless they continued after this period. If it was not too annoying, it would be very useful.
The real purpose of catchup is to avoid sudden jumps during parameter adjustment when the current knob position is far away from the preset's value. The "show me where I am" aspect is a bonus.