I think in the DCU universe it wouldn't work, but it doesn't work in the Marvel U either-it's fun though, but it honestly doesn't work.
Superman and Batman would be anti-reg, and Wonder woman might be pro-reg.
With Martian Manhunter and most of the street level heroes being anti-reg the only good story angle would be to have the govt enlist all super-villains and create a huge suicide squad split into teams each led by a pro-reg hero or 2-now that would be good and only create so many splits, but with, say, nightwing, wonder woman, cyborg, guy gardner, john stewart, supergirl, power girl, alan scott (most of the JSA) being pro-reg it could be cool to pair the villains with a certain segment of the heroes to take down the others-and also revealing their secrets.
The first step being to take down a few magic users like Zatanna.
