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.
The only interesting piece of information I pulled from that is that in the time between EY posting to announce his intention to censor the post and his clicking the "delete" button, he got at least 3 points of positive karma (depending on how long it was between the page being cached and deleted). The basilisk must have made an impact.
It might mollify people who disagree with the current implicit policy, and make discussion about the policy easier. Here's one option:
One requirement would be that the policy be no more and no less vague than needed for safety.
Discuss.