I think if that change is made “Web Site” should be changed to read “URL”
And I’m not sure it’s a good idea to allow full paths.
For example allowing
..... /page?referral_id=1234
would be extremely inviting for those that think spreading their links in as many places as possible is good SEO practice.
Personally, I’d prefer that setting not be available for TL0 members, but that’s another topic