Worst case I see is something like France, (and I'm picking on France, but my understanding is that this is super common. Japan and much of Europe also have a 'blood' component to citizenship.) where they don't have 'by right of the soil' citizenship; you can be born in France, but still not be a french citizen, because of who your parents were. And yeah, they see problems from it. They have a permanent underclass of hereditary non-citizens.
Personally, I think that as long as we keep that particular Americanism (which is to say, if you are born on US soil, you are a full American, and at least legally equal to any other American, regardless of who your parents were or what you look like, or what hoops you choose to jump through.) I think we'll be ahead of the game (vs. other countries)
"keyhole solutions" I think are feasible if they aren't multi-generational. You /really/ don't want to grow that multi-generational non-citizen underclass. If you only have those restrictions on people who immigrate, and not their children born here? I would see that as an expanded guest worker type program, and it would probably have similar political consequences as an expanded guest worker type program.