SR Switching Valve (AKA floodgates valve)

With JDPlays recent video about his struggle to effectively make this type of switch via a spaghetti mess of pipes and balancers, I'm surprised this hasn't been suggested already:
Add a new device for pipes (and theoretically other transports, I suppose) that has sliders similar to storages, except they track the percentage of whatever is attached to the input side, whether it be a storage, output, or perhaps even a pipe/belt segment?
The valve would have a switch to start open/closed, where it would remain until hitting the set hi/lo point. It would then switch and remain switched until reaching the opposite level.
For instance, attaching it to a storage and setting it to closed <100%, it would open when the storage is full allowing full flow until reaching the set point, where it would then shut until reaching the high set point again. This would allow for a number of creative overflow/buffer systems, as well as making the thermal storage significantly more useful.