Surely. At the moment, they obviously think what they put about a celebrity, because the only people who can take the newspaper to court are rich celebrities, and the ordinary person can't, for various reasons, as you say, and it would -- it certainly would require the same care, but no, at the moment it can have a chilling effect if the newspaper is writing about somebody who is known to be highly litigious and with a great deal of money.
Robert Maxwell died leaving something like 150 writs behind him alleging defamation by people who had suggested that he'd behaved somewhat improperly in his business affairs. He never took any of them to court. I got threatened with one at one point. Nevertheless, the people did not repeat them, because as Robert Maxwell said to me when he rang me on one occasion, "Of course for me it's just petty cash, Kenneth, but you'd be betting the ranch, you know, if you fought it", and I denied his allegation. The so-called gagging writ.
So that is usually against the ordinary person and what you're suggesting would be a remedy against that. It would be very difficult to devise.