Taking holds out of stun does not automatically mean DOA5 will be more widely accepted in the competitive scene. However, it would make people immediately think about giving it a chance.
On the flip side, if you do not remove holds from stun, you'll have to explain exactly what has been done to get around the rampant use of counterholds in order to get a bulk of the competitive community to really give it a shot.
No matter what, if holds are the primary form of defense and allow you to "escape" a majority of the time, DOA5 will not be competitive. There's no wiggle room there. It's a fact that the game will have a very short tournament life if this problem is not addressed to a satisfactory manner.
If you want a game with holds in stun, you have DOA2 (all versions), DOA3, DOA4 and DOAD to keep you company.