No, it won't. Let's give MS free reign to screw with Google's systems (even more than they are) by claiming they were going after cyber miscreants. And when they get caught, they'll simply throw up their hands, rock back and forth like a guilty Gates, and give non-committal answers pointing at the law that allows them reprisals.
Or how about giving that paradigm of virtue, Larry Ellison, the legal cover to commit sins against whomever he's worried about these days.
The Beltway Bandits would be tripping over themselves to trip each other, all under legal cover. And what happens when one of our corporate citizens decides it needs to take out some system in China and China considers it an attack by the U.S., it was there law, after all, which sanctioned the attack.
This is a stupid idea.