Oh yeah there will be mistakes made, whether the solution is made proactive (video tech) or reactive (retrospective action).
I have no problem with players tumbling in the box after a slight collision with a defender , as long as they're straight back on their feet again going after the ball, not staying on the ground and looking around for the ref.
Instilling fear into the players of punishment is the only way to cut diving down by a large percentage. The majority of penalties given would actually then be penalties, and hopefully we'd see FAR fewer of them in the game
Overall I think the net gain of doing SOMETHING would be positive, but in the richest/most watched league in the world, I think you might as well bring about the revolutionary change here first and then let it filter down the leagues once proven successful