To borrow a phrase, "From my cold, dead legs..."
An assemblywoman in NJ tried this a few weeks ago and withdrew the bill after the huge outcry. Just goes to show, the only thing stupider and greedier than a Jersey politician in a New York one!
As for what I would do, that depends on the penalty. I'd probably take my chances. I read somewhere that bikes must have brakes capable of skidding the tires, so every time I go out with my fixed gear with just a front brake I'm probably already violating some obscure law.