I think the flaw in practice is that clients and relays need to be aware of the deprecation of a key. if it's a timed key, maybe doable.
But there's no garantee that, for instance, a stolen key won't be used for evil. The deprecation proof is not guaranteed to reach every client.
also, a timed deprecated key may still be used to sign back-dated notes which may or may not be a serious attack.