Maybe one could do it in an even simpler way: There is the Youtube-series “Ranking All 300+ Yugioh Decks Because Someone Had to”. If one just ranked the basic cards in those decks accordingly and maybe also ranked also the staple cards and leaves certain utility cards, say unranked. Then one could just have the tier list, like leagues. And then every play who let’s say wants to play the casual (tier 4) format, they are only allowed to play cards of tier 4 or worse. (For simplicity, it should always be allowed to play worse cards and unranked cards in order to use tech options that are not overpowered.)
I kind of like this idea very much. (I think someone on youtube made it.) The problem with this approach is just that with every new ban list a deck can totally jump from almost unplayable to one of the best decks or vice versa. (Like when Spyral Masterplan got banned and suddenly noone played Spyrals any more.)
For the tierlist (under construction right know, since the youtube series is still going) look here: