Hi there.

I just read the "It's About Time" articles and GLAIVE.
(http://www.gamesdiner.com/about_time_part1
http://www.gamesdiner.com/about_time_part2
http://www.gamesdiner.com/about_time_part3
http://gamesdiner.com/gurps/glaive.htm)

There are some thought:
Normaly a character in GURPS get two actions per turn. By default thats one defence and one attack.
A player opting for an AllOut-something can do to differnt things:
1) He/she can trade an attach for an defence and vice versa.
2) He/She can merge the two actions into one. Getting a bonus to ToHit or to damage or defence.

The first thing can be put down to "You have two actions. Do as you willst."

On the other hand there are mechanics that allow the player to get more attacks (e.g. the Jab in Boxing) or to trade ToHit for a malus on ToDefend for the "victim" (Fast Attack or Fast Blow in one of the Compendiums. Can't remember).

I think that all follows the same machanics and should be put together. And I think the Ready Penalty from GLAIVE fits in perfectly.
The Fast Attack can be interpreted as an attack with insufficiant readying, making it less predictable ("You have to lerne to attack without giving a clue to your opponent in before, grasshopper.") or an attack perfomed with higher speed making it less controllable to attacker and defender ("Wow. Thet kick came out of nowhere.")
The Ready Penalty states that an attack with this weapon needs more time than just one action to be performed right.

This all can be put into some easy rules:
A defence is an counterattack on the attacking weapon with -4 for difficulty (like in FEND)
Merging two actions into one action with +4
Splitting one action into two actions with -4
Trading X ToHit for -X the opponents ToDefend (going faster, less controll)
Trading X(?) effective ST for -X the opponents ToDefend (making the attack shorter, les powerfull but less predictable too, a Jab)

The rules may be superposed at will. For every player or as maneuvers. Maybe for every player with an extra penality for those not having the approviate maneuver-skill.
In this way the skilled figthers are getting their extra attacks without ratig DX double.

On action points:
I like the idea. But I would say, to make it more fluent, every character gets the same ammount per round but can keep leftover points from the last round. (Maybe one should use tokens to keep track.) The player with the most points can act, paying points approviate for the action and his speed (or slowness rather).
On start of the first round the players may get son extra points for ther reaction time (initiative) with situation modifiers.
Players that Wait have to pay action points so that they have the same ammount as the acting player at the start of his action (the time moves on). Maybe they can save that points for defence since defence is an Waiting Maneuver.
A Player who is attacked may act out of turn, but has to pay action points never the less. There should be a defence penality for the difference between the actionpoints of attacker and defender. The difference should be calculated with the points after attack and defence making slow attacks easier to defend and a defence with a fast weapon more effectiv.
The Players get their new action points just befor one of'em hit a negativ number.

I think I will try this someday with my Go pices as tokens. (http://en.wikipedia.org/wiki/Go_%28board_game%29)
Should be fun.

alimantando