Frankly, I would accept a comp system if it were actually a system as opposed to just a set of restrictions. Something like the following (long-winded and not terribly thought-out, sorry, I'm tired):
-Each army begins with 10 composition points. An army can go as low as 0 or as high as 20 points (or whatever a massacre gives you for points, scaled appropriately.)
-Composition points are not calculated into Best General, but do count for Best Overall.
-Award points for taking things that make sense (Empire Halberdiers, Ogre Bulls, "fighting" generals, etc.)
-Deduct points for things that would otherwise tend to be comped, like Special Characters, duplicated rares, etc.
-Composition Scores are used as "tiebreakers" to determine matches in each round. IE, in the first round, the guys with 0 points play eachother and so on. In additional rounds, if four players each have 2 massacres, the two with the lowest comp scores play eachother.
Basically, this allows people to bring whatever they want to bring, but adds a reward to those who play in a manner consistent with what the TO thinks is appropriate. Let knuckleheads like me slug it out for Best General and give Best Overall to the guy who can mop up the competition with a list that doesn't scare an opponent to death right at the start. The harder you make your list, the harder your opponent's lists will be. Of course, I can see this system being gamed, but I think it provides a lot more diversity than a list of no's.