You have to think there will be coaches that take advantage of the games when opposing teams cannot defend them selves. I can think of at least one coach that will thrive on it. If you think the refs are going to keep fans happy when chippy , dirty players are out there causing havoc think again. People hate the refs now just wait until you see a few players get a stick in the mouth and nothing is done. There are teams that keep their sticks high the whole game. It will become a circus.
Right now, games are "managed" not officiated. We'd like to think there is no game management going on but it does. In many cases, game management is the right thing. However, if we take fighting out of the game and that is to say if you get into a fight you are ejected with a game misconduct and appropriate suspensions are handed out, fighting is "out of the game," we'd see less game management. We would then see more penalties called regardless of score or penalty differential.
Officials would need to call all non-hockey related contact. IF a player uses his stick for anything other than puck handling, it is a penalty. If a player places a hand on another player in an aggressive manner, they will be called for a foul of some kind.
The more time the "rats" spend in the box for slashes and face washes and shoves after the whistle, the more power plays the other teams get. Sooner or later, even "rats" learn.
It is really very simple. Rules and interpretations of rules have changes over the course of hockey's evolution. As I mentioned previously, when the league instituted its new policy on how obstruction would be called, we saw a parade to the penalty boxes for about half a season until the players learned what they could and could not get away with. There would be no difference here.
I say all of this but we also need to consider the fact that what I have said may never be needed. We don't know what the results of less fighting will be. We are jsut assuming that more stick play and dirty shots will happen. We don't really have any hard evidence of that being true. All we have are some trends in other amateur and lower level pro leagues on other continents.