It has no effect on competitive 1v1, and lets players have freedom and fun with revolutions, playing out their chosen civ the way they want. This also solves the problem of researching spies, though that should be available by default upon revolting.
Enabling shadow tech for revolutionary units, unique upgrades at the capitol and some revolution specific age up choices would be great as well.
Some possible light balance changes specific for ranked treaty such as disabling imperial upgrades for death guard/Hungarian hussars or modifying wanderlust as a stronger one time send and your good to go.