Hi David,
My understanding of the intent of the ARIN's policy is NO that would not be acceptable, and such scenarios did come up during the ARIN community's discussion of Inter-RIR transfers. If it were acceptable, then someone with operational need could apply to transfer resource from the ARIN region and then transfer them to someone else without operational need once the resources were in the RIPE region, and out of ARIN's control. Rinse, repeat. If this were found to be acceptable, I highly expect there would be a policy proposal in the ARIN region to plug the leak, so to speak.
I think a realistic approach could also be to add: 'organisations that transfer IPv4 addresses to other organisations thereby show that they have no need of additional address space for 12 months. When asking the NCC for an evaluation of need the NCC will give a negative answer during this period' In other words: if you sell address space you obviously don't need it. If this WG wants 2013-03 and transfers from ARIN are the only argument against 2013-03 then it might be a solution to add this bit of (IMHO) common sense for those who want to transfer addresses from the ARIN region. But I am just suggesting options for the WG. I'll stay out of the discussion and let the community (to all who are reading this: that includes you!) decide :-) Cheers, Sander