I like this idea, it means hackers will need to change their IP address, and reinstall MTA to change their "generated code". This would make it frustrating to cheaters, and would mean the cheaters wouldn't come back for 5 minutes until their done installing MTA all over again.
but!
This "generated code" idea may become exploited, as hackers would crack the installer so they can mess with the code. this would be more difficult to exploit than the MAC address idea.
The MAC address ban idea would easily fail over time, hackers will give out the directions to change the MAC address in with the exploiter.
what we can learn from all this is that "security" is only a inconvenience. theres no program you can write to replace the watchful eye of human admins...woot!