The main problem is re-circulation, or rather the lack of, both within the "bath" and within the carboy.
The yeast re-circulate the wort some but there can still be HUGE variation between to wort touching the outside of the carboy and the wort in the center. That is, unless you consider a 1/2 degree difference huge.
My point? Over chilling and letting it slowly warm up is KEY. Once the center is at 70 the only thing that might get it down before damage is done would be a re-circulating ice bath. Anything less and the temp of the center of the fermentation would continue to climb.
That's strange. What you are suggesting seems to be opposite of what I have experienced. Just out of curiosity, what are you basing these statements on?
In the fermentations that I have monitored temperature I have never seen a "HUGE variation between to wort touching the outside of the carboy and the wort in the center." It's normally about one degree worst case.
Also, I have never seen the issue with re-circulation that you describe. The temperature changes are very gradual during fermentation and I have never seen an issue. With ice, it seems, that lack of circulation is beneficial as it would cool the beer and melt the ice too quickly. A 20oz bottle of ice melts in about 45 minutes, and a 3 litter bottle takes about 2 hours. Most of us can only tend to a ice batch once every 12 hours so the less circulation of the water bath, the longer it takes to melt, and the more consistent the temperature will be.
Circulation of the bath would be beneficial if using an aquarium heater to reduce the temperature gradient from the heater to the wort, although not necessary. A 10 degree difference (beer to air) can be maintained with a 50W aquarium heater in a 5 gallon bath 1 foot from a 5 gallon ale pail.
I can see your concern with recirculation being an issue for a brewery with a 100 gallon conical, but not for a 5 gallon ale pail.
Out of all of my experimentation with water baths, including using a thermocouple in the middle of the fermenter, I have never seen the issue you are describing.