I like the idea. A server/client program that validates the FL installation would not only get rid of cheaters, but also would improve server stability due to clients with corrupt installs.
But, the program source code should be available to us so we can verify it. That way, we eliminate mistrust by seeing that the program is 100% clean of anything malign. People tend not to trust clientside anticheating stuff after all the crap sony and co made with their DRM stuff...
(If you find any mistake in my English, please let me know via a PM)
(Really, I speak terrible English, so please, tell me if I make mistakes. I'd like to improve it a bit )