Lots of acronyms and abbreviations, there, Rick!
Here's another one:-
HPM!*
What's that?
Holistic PM. Isn't that what Risk-based PM really is (or perhaps that should be, er ... should be)? That is, a consolidation of all the earlier "PM's", taking the best (and most appropriate) aspects of each? Including (and again I stress the point) the ability to adjust PM intervals according to sensible and appropriate criteria.
I don't think that the "massive upheaval" model is the way to do the thing, especially (as you have indicated) that most likely means having to convince the dull and the ignorant before you can even take the first (hesitant?) steps. When you think about it, you can implement the tenets of the Risk-Based Model quietly, and in a time frame of your own choosing (or even, not at all). Simply overlay it on whichever system you are currently using.
I would suggest this approach. Implement it on an "as and when" basis. At first (at least) no special software is required. Just start off by thinking deeply about Risk Criteria, then apply some to a few types of equipment. Document what you are doing as you progress, note any changes you decide to make, and ... just take things from there. That is, add, build, develop, improve ... step by step, recognising from the onset that benefits will only accrue (if at all) over a number of PM cycles (meaning, of course, over a number of years). This is no "quick fix" ... and that's why it is unlikely to appeal overly much to the
suits and bean-counters.

Lastly, by all means "stand on the shoulders of giants" (F&S, and all the others), but I would urge you also to sit down and objectively appraise the situation where you are. And then come up with your own Risk Factors (and Risk Scores). In my experience, your guess (and mine) is just as likely to as valid as anyone else's. You can always make adjustments later on, in light of continued experience. The criteria need not (should not) be set in stone! As long as you ground the thing in sound engineering, and common sense ... whilst disregarding any pressure to "save money" (because that's not what it's all about), you will find it to be a most worthwhile (dare I suggest
enjoyable) exercise, no doubt.
*
HPM (c)2009 me!