I do think the league needs to tread carefully on this issue because it could have unintended/unexpected consequences. Lets say, for instance, that they decided that any off the ball foul by a defensive player results in a technical style FT (i.e. offensive team picks the shooter) plus the ball out of bounds once the defensive team is over the foul limit. That would stop the Hack-a-XXXX cold, but it could and probably would promote a good deal more flopping off the ball by the offensive players. It would be in effect about a third of the time in every game - heck they'd be encouraged to have a try at flopping all the time because if it worked the other team would be closer to the foul limit - as of now, there nothing lost by trying a flop. Of course, a flop is not quite as disruptive to the flow of the game as the Hack-a-XXXX but it probably would occur much more than the latter, so you've traded one evil for another.
I would suggest that letting the team choose the FT shooter should be weakened - make the person fouled shoot it. Then, at least, the weak FT shooters have less reason to try flopping.