CentOS has some additional repos where they offer some additional kernel flavors as well as some additional packages. They also have a repo for upcoming updates that are in testing. As previously noted, they have a bugzilla. So, I guess my point is that they already have a workflow similar to the one you recommend.
Given the popularity of CentOS, it's good reputation because it has a goal and it sticks to it, the large number of distros that are based on it (including a few prominent pay ones), and it's lasting success, I don't think they really need any advice from you... but I'm just a user. What do I know?
There are a number of clones I know less about... some of them even charge for timely updates. Perhaps you could advise them?