Leaving the code behind for a second and think game play mechanics.
How do you enforce this mechanic? do you require a -4 after a weapon is drawn? thats usually after initial Initiative is rolled and calculated, do you assign it just because they have one on them? even if they decide this combat to pull the bow instead?
Or in your world does everyone walk around wielding their weapons at all times, as one of my players argued.....Until the first town he walked into and was made a pin cushion by 12 Heavy crossbow wielding guards who shot first and asked the "why do you have your sword our like your going to attack?" question later. Problem solved.
I get what your saying, speed factor was in a big part of AD&D. However how many barbarians in myth/story wielded +2 vicious bunny killing daggers? If your going to nik the two handed weapons, be careful the first smart guy in the group will argue a rapier is usless against a full plate wearing tank, which will lead to the two handed sword guys wanting a bonus when they attack a person in leather or robes. Better yet, an arguement over how can a dagger wielding guy get close to a guy wielding two axes?
3.x game rules did away with alot of nick-pick rules for good reason, be careful you do not open the door for them to return enmass. You may regret it.