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.
At this point I think we need to TVTropes this subject. Roko's Rule: At least once per quarter someone will recommend hiding the Basilisk, which will introduce it to a whole new generation of readers.
Why do we even bother making oblique references to it anymore? It should be fully explained in the FAQ/Wiki and included in the introductory post.
Woo! In an awesome display of confirmation bias, I've found another application of Roko's Rule less than 24 hours since the coinage! Go Chipotle! http://www.sogoodblog.com/2010/12/14/chipotle-social-media/ :)