Yes, and not only that, it is such a shame that that huge 165 Base Attack goes to such a waste too as a cause of that...
I think that is certainly an interesting idea - it would be quite nice to show some progression in the games again with a changing champion, just like in a pokemon Black and White, it was also quite a nice twist of events. I think you are in the minority, I just prefer a Steven as the champion (no offence!).
I will probably get shot down for this too, but your post has gave me an idea (I apologise if somebody has suggested this before) of perhaps combining elements from both Pokemon Ruby/Sapphire and Pokemon Emerald, that would keep OR/AS fresh and give it a new twist. How about:
Wallace as the 8th Gym Leader
Steven at Meteor Falls and
Wally as the Hoenn Champion
I brace myself for the onslaught to come.
Yeah, I agree about Banette's wasted attack stat.
As for your ideas:
Wallace-Sure, I liked him as gym leader.
Steven-Better than cutting him obviously.
Wally-LOL. If they do this, it will be hilarious.