Nice idea Aragon, but it might be proven as abusive.
Think of it, users will be able to set a vHost at every given moment they desire to. Throttle protection will be meaningless if a user plans to bypass a ban once a week \ month \ whatever.
Also, bypassing the forbidden wildcards will need not more than a slight effort.
I think Anope invested a considerable time on implementing HostServ, and in my opinion, all vHost manipulating is a thing which requires *some* authorization.
Remember that there's the HostSetters feature, which is wonderful for additional manpower, without opers dependence.
Bottom line: [In my humble opinion] this module is a recipe to problems, including impersonating and fakes, spam, insults, and a larger need of oper involvement, rather than for "/hs activate".
Sorry in advance if this post seems braggart, I just felt a need to state my thought ^^