I'd rather see a much higher penalty for having under 100
effective wpf to achieve these goals instead of lowering the amount of wpf we currently get as that'd really hurt hybrid type builds utilizing more than one weapon effectively. So you'd really have to tailor your armor set for the amount of wpf you have otherwise you'd have the huge hits to speed and damage and whatnot, same would hold true for people with 0 points in weaponmaster as they'd only be left with 111 wpf in any given weapon, which unless you're wearing pretty light armor your effective wpf would drop below 100.
For example, with 5wm I'm able to have 119 and 118 wpf for 2h and polearm respectively, which with the medium armor I wear allows for over 100 effective wpf with those values, but if I were to wear just a little heavier I'd be below that mark. If the free points were taken away, you might need 6wm or even more to compensate, which would either be impossible depending on the type of build, or really hamper other areas so much it wouldn't be worth it. That would take a lot of options away, almost forcing a single weapon build for everyone.
So again, the same goal of slowing down no or low weaponmaster builds can be achieved by focusing more on the discrepancy between under and over 100 effective wpf, instead of reducing wm points on the whole. At least I hope so. Or all my "final build" options are out the window.