The tricky part here is the balance. The first question to ask is, how does the idea of putting this on a BCH chain compare to a centralized system?
What we learned from SLP is that stuff built using op_return isn’t really decentralized. Memo, SLP and all other attempts so far are not decentralized, they just are uncensorable. Which has its worth.
So what did I say about balance? Yeah, the more stuff that is built on OP_RETURN style data, the more central servers and different indexers you will need. They are centralized because an SPV wallet can not be built that scales and is capable of doing SLP or any other such system properly. As BCH grows this problem will grow much faster. As the historical chains of SLP grow, this problem will grow too.
Bottom line, users of op-return based protocols require a trusted full node to participate, or admit that its not decentralized and simply trust some website like memo does.
Then there is no balance, its just centralized with an illusion of decentralization by association.
So, the question: what is the point of doing this on-chain? How does multiple op-returns benefit BCH?