I did float an alternative, in response to Harry's query, that the traditional 'male' category might be changed to 'open', like what you describe Baldrick, and female category (sex based) continue as a handicap category, which is what it already is essentially.
At the elite level this would have probably zero impact on the male category.
Benefits would be:
1. Negate complaints from women about disparity between men's and women's prize-money
2. Allow a return to traditional names like The World Cup instead of The Men's World Cup
3. Trans athletes can take part in the open competition so they are not being excluded, since a 3rd category would be sparsely populated
4. Avoids adding a 3rd category which would make sporting competition more complex to organise
It might have more impact at lower levels of competition which might make it more complicated.