A system like this could actually work as long as every takedown request involves posting a significant bond into a holding account and where the publisher can challenge the block and claim the bond if the block is ruled illegal.

This achieves the advantages of quick blocking while deterring bad behavior, and provides cost-effective recourse for publishers that get blocked, since the bond would cover the legal fees of challenging the block (lawyers can take those cases on contingency and get paid on recovery of the bond).