This is an interesting idea, but I wondered if you could provide a little context.
What is the purpose of the comparison that you're trying to do? Are you regularly creating new versions of processes/objects by saving edits as new items vs. overriding the existing version of the process/object? If this is indeed the case, can I ask what you've opted for this approach which is preventing you from using the built in tool for comparing different versions of a process/object?
If delivered, would you expect this comparison tool to work on any two processes/objects or would you expect it to only be available for certain items?
Per Robert's comment below, could you please provide a bit more info on what exactly you're looking for here? Once we have the additional information requested below, the review team will be able to review your idea and respond accordingly.
I can hop in with a comment on this issue: When you get a new object from your local CoE, you might be in doubt if this is the same as you already had or indeed a newer version. A compare would spread light on this question and allow you to identify and remove any duplicates found.