I gave it a shot. What if:
- Don’t bundle the NSM with the regular unissued funds; track the balance of the deposited funds separately
- Each block after NSM activates, issue 0.0000004126 (as in ZIP-234) of the current NSM balance in addition to the regular (non-smoothed-out) issuance.
This gives us NSM issuance without smoothing out overall issuance. (Unless I’m missing something.)