I'm not sure I like the idea. Only having to hit 80 reduces stress quite a bit, and it gave me time to do extracurricular things like programming, and way more maths modules than anyone should :) If I had to hit 90+ in everything, I would have probably been risk adverse and cut down. It also feels like it selects a bit too much for people who over perform in exams. That said, I did have to send in my raw module marks anyway when I applied ~10 years ago, and did hit 90+ anyway.
Surprised nobody's mentioned STEP, three exams at least two of which are required for the mathematics tripos (and I think engineering at some colleges) and is significantly more likely to require preparation.
I don't think any applicant would be worried about FM - because if they were worried about anything it would (should) be STEP.
But then, uh, I may be biased...
But as I understand it, they can't make an offer based on that, so they're already obliged to accept you by the time they get those results.