I'm very much in favor of this rule change. As an official and coach I like it. Although seeing a foot go out of bounds isn't really a judgement call, I hate stopping a match because an inch of a shoe crossed the line, taking away a takedown. That's what the rulebook says to do though, and I don't get to pick and choose which rules I want to follow.
With that being said, the only downfall of the rule being applied to HS (but I still think it's worth implementing) is how or what to watch in the pinning situation. At the NCAAs, I saw a couple of matches that had a pin situation out of the circle. The ref was watching the shoulders, as I believe he should have, but the feet of the offensive wrestler went OOB. There are assistants on each mat for that event, so they saw it. What happens in HS when both are out but the ref calls a pin? Not having two refs (or video replay for that matter) does make it different in HS vs. College. Another thing that I saw was how the NCAA wrestlers would flop a foot or hand OOB, knowing that was a way to get the whistle blown. The kids would do the splits to get a foot out. There's the next "controversy."