It's been a while since I've been responsible for Effort Reporting and I'm not fully versed in the uniform guidance regulations, but to answer your hypothetical question, I would probably not  implement an Effort Reporting solution but  a "Documentation of Personnel
Expenses" (DPE) solution as a integral part of payroll time sheets.   I'd try to decouple salary cap compliance, effort commitment compliance and cost sharing documentation so it could be done less frequently and in a simpler fashion.

Sounds easy, right :) ?
I'm sure in practice this would not be so easy to implement. But I think, in theory, it could relieve some administrative burden and potentially provide a higher lever of compliance.

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