It's uncertain if these option selects can be removed from the game. There is a different window to cancel on hit then there is to cancel on block, the cancel window on hit ends earlier, the window to cancel on block ends later. There is a chance we are stuck with this option select bullshit until the next MK. Something that can be fixed I think is the ability to make committed special cancels not come out on block by mashing directional inputs after inputting the special, this is a universal thing in the game and could potentially be removed, unless it's a glitch so embedded in the game's code that it can not be fixed, kinda like input bug in MK9.
If Raiden loses his ability to special cancel his overhead he would still be fine. The "on hit nothing/on block special cancel" option selects require character specific nerfs though, because they tie into the shitty blockstun mechanic of the game. Command grab characters need this type of option select to be viable and be able to tic throw with less risk when canceling from crouch pokes, Raiden really doesn't need the OS for his overhead to still be really good.