Even though more attack directions and more diversified mechanics would be a good thing, I do believe speeding up the game would make blockfests more intense and enjoyable even for those that avoid them.
Besides, there's more to it than just blocks. Feints, holds and chamberblocks make it very interesting but that aspect of M&B combat has been gradually overshadowed by footwork and cheap tricks, even though being still valid against 95% of the playerbase. I can even say that ratio increases because people are forgetting how to block when they only need to move and spam.