It might mollify people who disagree with the current implicit policy, and make discussion about the policy easier. Here's one option:
There's a single specific topic that's banned because the moderators consider it a Basilisk. You won't come up with it yourself, don't worry. Posts talking about the topic in too much detail will be deleted.
One requirement would be that the policy be no more and no less vague than needed for safety.
Discuss.
Outside view indicates that if you stare at the basilisk, you will most likely either a) think it was a terrible idea and wish you hadn't and maybe have nightmares, or b) wonder what the heck all the fuss is about and consider it a waste of time except insofar as you might consider censorship wrong in itself, and might thereby be tempted to share the basilisk with others, each of whom has an independent risk of suffering reaction (a).
Do you want to want to stare at the basilisk?
My own reaction was
c) More.
Yes, I know. I'm hopelessly stupid.