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Good idea, but easily defeated. I think the best way to limit warez is with paid support, if Envato implements it. Then you could even give away the theme and let people pay for support contracts.
Who will buy a product without support? Why do you care about warez? Who looks for your theme on warez site will not pay for any theme. If you want to spend time with it, just ask the service providers to remove the files from their server.

Lots of people use open source software with no active support, just community support (e.g. WordPress, PHP, Linux), but some pay for support contracts (WordPress VIP, Zend support, Red Hat for the examples above). It makes warez a non issue altogether.

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Many buyers have problems with the simplest things in WordPress, even finding Purchase code to verify support request is sometimes a problem, so good luck with that. It will just irritate most of buyers, and confuse the rest resulting in many 1 star ratings.

I agree. I asked this question while developing our Theme Options Panel and i was thinking of new features to add to it. Still most buyers have basic WordPress related questions. In our support more than 75% of the questions are strictly related to WordPress.