I agree that the "punch forward" mechanic should be in place for a close throw in case the receiver wants to throw a second pass (and the first one SHOULD have been backwards, but it wasn't) -- however, I'd argue that it shouldn't be a standard mechanic in case of an incomplete pass. You don't want that Year 1/2 official having to do two mechanics in case of an incomplete pass -- just signal incomplete.
You also don't need it for obvious forward passes, so where do you draw the line mechanically?