I guess it depends on how it is implemented. Right now, the blockchain itself only promises you $1 worth of HIVE for every HBD you hold (through the HBD->HIVE conversion), and this is only if the debt limit is not reached. So if right now the hbdstabilizer were able to magically peg HBD to BTC, the debt on Hive would not change as the blockchain would still only promise you $1 worth of HIVE. But you would be stupid to use the blockchain since you could sell your HBD on the market for a much higher price.
Using the hbdstabilizer approach nudges the HBD market price to the desired peg. When the hbdstabilizer started operating and it moved the price of HBD from $0.95-ish to $1.00, this didn't affect the debt, as far as I am aware. It only made it so that you could sell your HBD on the market. I think what matters for the debt is how much HBD is in existence since the blockchain considers HBD to be a fixed $1.00. Arguably, if the HBD price is higher, there would be less HBD in existence, so less debt.
Having a stable HBD price, pegged to the USD, has been quite useful. I guess the question here is whether it would also be useful to have something that hedges against inflation. A place where people would want to put their money in, which at the same time has all the features that crypto offers.
Many stablecoins offer yields, and perhaps a difference here is that you don't get a yield (additional printing = debt), you get a higher market price.
The main risks would probably be that the market cannot support the price if people start selling, so there would be a price collapse down to $1.00. At that point, people could use the HBD->HIVE conversion, subject to the debt limits. (Also, the market would be able to absorb a bit of selling via hbdstabilizer bots and people would be able to sell like they do now, as long as they are patient and wait for the bots to nudge the price. But don't know how scalable this approach is.)
I'm definitely not an expert on any of this, I'm just putting it out there for discussion. Maybe there's something in all of this that could lead to a useful feature. The main thing on my mind is that if capital flows into the ecosystem, it seems useful to preserve it. HBD has proven that concept, don't know if it can be expanded upon.