What about a hybrid approach to the future where there are specs established for a new smaller target class where the basket is allowed to be up to maybe 5" higher like MJ's idea for a smaller target zone height and the outer chains can be up to 5" closer to the pole? These baskets when sold new would be an appropriate option for blue and gold level courses but the current baskets would not be obsolete.
We would make sure existing targets could be modified to meet the new specs by raising the basket on the pole and removing their outer chains should the course owner prefer. Courses with these targets would become favored for top level competitions but wouldn't be required for Majors until enough top level courses had this type of basket.
Just like duffers can go play Pebble Beach from the tips, rec players would be able to throw on these new baskets but the majority of courses at their level would still have the current style baskets. The new style baskets would be cheaper to make and likely would be widely purchased for new courses. They would also be cheaper for educational use since a smaller target area would be good for practicing skills.