No, the truth be told, the only way to really have a true dollar pegged asset is to not permit outside exchange trading. If BitUSD was traded somewhere else other than on BitShares, you could bet your bottom dollar that the same thing would be happening to it that is happening to SBD, until BitShares was arbitraged dry, or they stopped it. With a limit cap + limited annual inflation on STEEM, there is no way SBD could ever be a true dollar pegged asset as long as it is traded on outside exchanges. In other words, the only way to make SBD a true dollar peg, is by only allowing an internal market. Of course, there are those who will say that you can't stop offsite trading between individuals, or even exchanges, if they want. That would be the equivalent of a black market, and we all know that black markets charge premiums. Nonetheless, the internal market could peg at $1.00USD, and all you'd need to do is buy STEEM to be able to do that, so there wouldn't be too much incentive to pay a premium on the black market anyway.
It's not like I'm arguing against your proposal; more like I'm just sharing my views and ideas, thinking out loud so to speak - as I started by first saying, I've found your ideas interesting, and as our conversation has grown, challenging as well.
Cheers
It remains to be seen if your theory is correct. However we don't have to wait much longer to find out.
The exchange AEX.com has opened BitCNY and BitUSD trading pairs this week.
https://www.aex.com/page/trade.html?mk_type=BitUSD
https://www.aex.com/page/trade.html?mk_type=BitCNY