I think the no-update rule was intended to try to fix that problem, and it failed. The problem still exists, and the inability to update only hurts the gameday system more as a result.
It would be fine if a person could submit a day before gameday, but that's not the case, and barring a sudden stroke of genius, it won't be the case in the immediate future. Until such genius occurs, I think it's fair to say the rule should go.
If there's going to be a flood of people entering right when the thread opens, why not open the thread a day or two before the event?
That's not a perfect solution, but at least it kills the week of down-time.