V1.0 has a comparable system in it's Coolness Under Fire initiative. Each character has to sit on their hands for a set number of actions in each 30 second period.
Another system would be that used in Leading Edge's "Phoenix Command" (Living Steel, Aliens, Lawnmower Man, Dracula). In those games the number of actions a character has is based on their primary stats combined with combat skills. EVERYTHING costs action points, even if it's just turning 60 degrees, or moving 6 feet forward.
The T2K V1.0 method is relatively simple, however it does run into problems with tracking more than a handful of participants in a combat (there's a note in the back of the 2.0 BYB I believe on this).
The Leading Edge system is amazingly accurate, but the paperwork is a killer. Keeping track of more than a couple of characters is near impossible without computer help (especially since the actual firing and damage calculations are even more complex). Very hard to walk AND chew gum with it.
With regard to wound severity and blood loss, the existing rules in V1.0, and 2.x would appear to cover that fairly nicely without bogging things down in detail. Once a character receives more damage than their hit capacity, the wound status goes up one with the corresponding detrimental effects. When a wound goes critical, there's a good chance of death unless medical attention is received within 10 minutes.
So, while there are "better" wound systems, you have to weigh up playability as well.