PC(USA) - Theological Task Force on Peace, Unity, and Purity of the Church
Presbyweb had this as "Breaking News" when I returned from Presbytery. The Final Report of the Theological Task Force on Peace, Unity, and Purity of the Church is available as a pdf file.
I will finish reading it later, but Presbyweb's take on it seems to be that "Local Option" is a possible outcome of the "Authoritative Interpretation" it proposes. The proposed Authoritative Interpretation does not call for the repeal of any part of the Book of Order, nor does state that any ordination standards should be removed. In fact, it appears that is is a strong endorsement of the historical standards of our Church. It does, however, point out that everything is subject to judicial interpretation (which is no different than it is now).