Yes it would have been a nightmare for pvp and made pve trivial for those lucky enough to have one or more.
While the breeding sounded fun/cool in theory to have the dreaded RNG decide who gets it would of been horrible.
Those lucky enough to get one or more would have such an advantage over those not lucky would have lead to major problems.
Look how many haven't gotten the darkmoon eye pet, took me almost a year, RNG to decide who gets these pets will not work.
Only way they could ever be introduced is if blizz gives the first one to everyone.