Our club at one point made adjustments based on earlier results. I ended up getting about 30 seconds added to my rating for club races. It made winning more difficult, but didn't stop us. After a season or two it was dropped. Applying it to each boat in the fleet was too complicated, and, essentially, unfair, since it rated the skipper's results rather than the boat's capabilities. Penalizing good skippers is not good for turnout or for improving skills. If your club wants to "adjust" ratings for Dacron sails, it can indicate this in the sailing instructions. How much are Dacron sails worth? +6? Are they REALLY baggy? +9 ? Are they so old/bad that the sailmaker is out of business? + 12? If you think it will make racing fairer and boost participation, it could be a good idea. But it is a slippery slope.
p.s.: PHRF ratings are supposed to be based on boats that are "race-ready": good sails, clean bottom, proper equipment, crews and skippers who know what they're doing. Are boats in your fleet "race-ready"? Are their bottoms clean? Perhaps ratings should be adjusted based on the last time the bottom was washed, along with the Dacron sails. Our sails are Pentex. (Dupont no longer makes Dacron.) Does that count? Slippery...