Yeah it would.
Problem being, we all want it to only be available for people who have made Elite without cheating.
Back in those days, if you got to the end and recieved a code there would be a limited amount of people you could tell. These days, you can be sure that shortly after the first person got Elite status, there would be links all over the internet telling people the code they need to send off.
Maybe if the code was unique, and tied in with your serial key, using some clever algorythm. Clever algorythms? Shouldn't be a problem for the people who managed to fit 6 galaxies into 800 bytes, eh?!