I see no problem with that purely technical speaking, but I have several thoughts...
A crowbar is a over voltage protection device. It will trip the fuse when voltage rises above a certain set level, a referance voltage. Controlled either by a zener circuit or other slightly more advanced and accurate logical circuits like a comparator ic. There are also ICs made specifically for over/undervolt protection.
The thoughts are for: a crowbar circuit is usually not designed for negative voltages. And also, a over voltage protection isn't the only protection a psu should have. It should also be protected from over current / short circuits. A modern vreg would handle all this in a good way. Also has nice features as thermal shutdown etc.
My point is, the transformer and smoothing caps and vreg are just a small part of a real PSU. There is at least as much design work and building with the rest compared to the very simple regulator circuits. So if u are gonna have a psu, u should not have to have a chain of boxes before the load.
Else, the argument for not messing with mains voltages.. yes mains voltages is bad if u don't know what u are doing and if u don't have a healthy amount of respect for it, it can easily kill you. And if construction is poor, u might end up with a fire.
I know how to handle mains voltage, and I have huge respect for it. And you should plain and simple not even think about touching the subject if u are not 100% sure u know the what's and how's here. So this is a good argument.
What I really suggest as an alternative, if u feel u can't do the mains voltage dance, is to build a PSU that does everything except the transformation, and use a wallwart that has unregulated output ac.
But then again, that wouldn't be a good solution either if u have a load tha requires for example 5 and 12v. This is all good when almost no current are drawn through the vregs, but as current rises, for example with a mb6582 with backlit lcd and tons of leds... When u run a 5v vreg and 12v vreg from the same voltage, wich is likely to he around 15vac, u will have to be very carefull to put a huge heatsink on that 5v vreg. Coz with much current, comes heat, and with heat comes instability in form of shutdowns etc.
So not to kill the initiative about a crowbar box, but imho I don't think it will be as good as fairly good designed psu with everything included and with all modern components. I have worked on a modular psu design some time ago, and that also includes a crowbar module. My goal was to make a psu that could power all my mb stuff. And mostly for learning about psu design really... But my main argument is to be able to control every process of the psu.
But for those of you who swear to the brick supply, flemming can u hear me? Hehe, it is of course better with an insert crowbar than without.
I myself will never risk my sids on a bad PSU hehe.