I've been considering changing the secure tripcode algorithm from using MD5 to using RC4. This would mean:
Is this a good or bad idea?
why not add an option in config.pl to choose between MD5 and RC4?
Well, ideally I'd like to remove the MD5 stuff from the source entirely, because I like to keep the code as lean as possible.
I could also make it use RC4 if it can't find MD5, if I went that way.
Using RC4 as the fallback seems the best way to me; it would be too confusing to suddenly switch around everyone's tripcodes, no matter how few people use them.
(I hope your RC4 is more secure than WEP is)
There are problems with the fallback method too. If you install the MD5 modules, then the algorithm would change... I am leaning towards replacing it with RC4 once and for all.
And yeah, it shouldn't be vulnerable to the same things WEP is. WEP uses RC4 pretty carelessly. RC4 is a quite secure algorithm, but some care has to be taken when using it.
...the justification for the switchover being that very few people use secure tripcodes at the moment. It's mostly just the admins of various servers, and they can fairly easily deal with it changing.