It's possible but not desirable.Warren Kingston wrote: Is that not possible??
At the simplest level, you have a tournament restricted to players under a grade of x. You have to decide in advance whether to enter the tournament. Your grade is x-1. You don't want to play in a league game that could add +2 to your grade.
That's not to mention all the issues that can be caused by late reporting of results.
The international system will shortly move to monthly updates. I think that's as rapid as reasonably feasible. Even that system has to have rigorous cutoffs for the reporting of results, so you don't get the new ratings immediately corrupted by late reporting of results.
What the ECF could do, but almost certainly won't, is to move to a system where everyone has two grades. The official one is used for calculations and stays the same for six months or a year at a time and the unofficial one is what the official one will be at the next half yearly or yearly update.