To describe my "off-ramp" idea a bit, since it's related to what you were and are saying:
I think the most (universally) valuable ramification of releasing the 3.5 SRD as CC BY (or, IMO, ideally CC BY-SA) would be that it'd make possible a domino effect of letting 3.5 SRD-derived products relicense under CC BY(-SA) in order to move to what I think is inarguably a stronger/more understood license in the CC licenses. If I hop over to the OGL v1.0a page in 13th Age 2E, because it has a long line of copyright notices, they cite copyrights for WotC (2000 SRD), Paizo (2009 Pathfinder RPG), Troll Lord (2004 Castles & Crusades), a ton of Fire Opal Media and Pelgrane Press (most everything 13th Age), and a couple smaller publishers beyond that. IANAL either but I believe it'd be possible for Paizo to go "great, Pathfinder is stronger under the same CC terms, let's offer that", and ditto with Troll Lord, and Fire Opal Media, and so on until everyone has essentially ported to what should be more solid license terms, without reverse engineering.
That, I think, would be a good thing, regardless of whether or not the OGL is actually poisoned or just perceived to be, and whether they picked CC BY or CC BY-SA, my preferences aside. Unfortunately, that has no value to WotC, who would have to kick it off, and if nothing else it probably weakens their future options for no tangible community goodwill (unless a huge stink suddenly materializes).
EDIT: and I just realized that 2000 was the 3.0 SRD, not 3.5 SRD, so maybe my off-ramp is dead in construction. But you get the idea. That'd be the only value for anyone in relicensing it now, I think.