So comparing to the current method, block still scales with attack swing speed, but it has an added benefit of pushing off more damage depending on block chance (increasing the value of block chance and keeping block value kind of a small deal).
Against swarms the delay made for an additional 0.6% damage reduced, bruisers were reduced by an additional 0.96%, and boss damage was reduced by 1.2%.
All in all, I think it's an interesting idea, but it doesn't quite fix the problem with scaling versus scale. It will still make warriors immune to small stuff and only marginally better suited against big stuff. It may require a lot more balancing between block value (balancing down) and de-haste balancing up. I somehow doubt Blizz would go for it since it makes it even more complicated and doesn't actually make it much better.