The “Genesis Block” is really just what is returned when the daemon is poked for the settings.
Update the function that finds the BlockIndex and set the paraphrase, unix time, and a nonce.
Hash your paraphrase and get the merkle root of it.
The main problem I see is, like the Doge “re-genesis” solution, a lot of power and space will be required to store the temporary “New blockchain” while it is built.
The only solution I can think of to that is to add the “disk space” algorithm to FTC with Neoscrypt, then use part of that disk space to perform the “ReGenesis”.
Probably choose to pay 2% to disk based POW / “ReGenesis miners”, with a disc space requirement of > 2 * blockchain size. It would be a hrad fork.
https://forum.feathercoin.com/topic/8596/new-algorithm-uses-novel-method-to-extend-pow