Although it's the canonical solution, that would be a degradation for me. It's more ergonomic to use two hands to enter any modifier sequence. Mapping Capslock to Control doesn't provide extra benefits to my solution.

The other problem people have with the pinky is that they're twisting their wrist while typing, which is also against more ergonomic guidelines. The recommendation is to move the whole arm. Once you get used to that, there's no good reason to use the pinky to hit Ctrl (even when rebound to Caps lock). I would guess over half the times, I'm using some finger other than the pinky to hit Ctrl.