1.7M btc in P2PK outputs restricted to 1 btc per block means it would take 32 years for all these coins to migrate.
Even if as much as 75% of these coins are lost, it would still take 8 years.
Even if the value of lost coins is far greater, say 99%, it would still take 118 days.
In that time, there would be massive competition between legitimate holders to try and regain unthrottled access to their coins - leading to a large amount of funds being transferred from holders to miners.