It may, in a sense. To me, the concept of "Pirate King" indicates a martyr/revolutionary, someone who every free thinker respects and is willing to die for to preserve the memory of. Being the genius Oda-sensei is, he could have written the One Piece story as a analogy of the times. The Gorosei doesn't discourage free thinking; that was the point made when they complimented Clover on being a famous scholar. They discourage anything that would threaten their absolute authority; that is, a revolution of world-wide scale. Of course, any ruler would fear that, but whatever happened in the lost 100 years would cause a massive revolution. The leader, or "Pirate King", would have to be someone that could shake the very foundations of the government; someone who would set things right and let people know the truth.
As a general rule, you can't kill EVERYONE. But you CAN silence those that might be percieved as a threat to the government. Luffy's bounty may not come from his defeat of Crocodile, or even from his abuse of Captain Nezumi. The true bounty lies in the fact of how corrupt he views the government, and how much other people are influenced by his actions/words. Since Luffy isn't much of a politican, his actions are speaking out and creating unrest.
In my opinion, this is why the Shichibukai are around. I'm sure the Marines could have walloped them if they went after them with their full force. But to kill any of them would cause a massive revolution; exactly what they don't want. Even Crocodile was seen as a hero until he was exposed by Luffy and Vivi in the end, and the people were shocked to see him lying unconcious in the street. Since we know very little about the other Shichibukai, they could be just as bad when it comes to expressing their ideals. We do know that Donquixote discourages people from their dreams, but that couldn't mean he is an icon in the people's eyes. Mihawk is revered by every swordsman… if Mihawk said, "Revolt against the government!", how many people in the One Piece world could?
That's the whole reason they fear Dragon so much. Because the Shichibukai agreed to work with the government, they're able to be monitored. But Dragon is a revolutionary that refuses to take their side, refuses to be bought. Therefore, that's why he's one of the most sought after men in the world. Case in point.
So yes, a new Kaizoku-ou WOULD mean the end of the World Government, and in more ways than you can imagine.