Yes, in a perfect world this would be a good start, however let's remember the last time the FCC had a window for filing for FM Translators, it took 10 years after the filing deadline before any CP's were issued.
There are lots of issues, including what if you have, say 4 AM's in a market, but only spectrum for 2 translators,,,who gets "picked"
The LPFM window will make it so that no one will be able to figure out what spectrum is available for some time (how long depends on the number of applications,,and we have no idea if that number will be low, high or off the charts.
Making it so that currently licensed translators can be moved farther, such as the "Tell City Waiver" Bud Walters has been working on, that would do more for AM's than anything.