One slight annoyance though comes if you just want to highlight some text for a copy and paste job, as you will have to remember to click out of the hyperwords menu before you can continue.
Another alternative, an idea similar to that proposed by my colleague Richard Vedder in his book Going Broke by Degree, would be to offer tenure (or enhanced job security) as one of a number of compensation options for which individual faculty choose from a menu of compensation items, including salary, health and life insurance plans, retirement contributions, and time off, etc.