I'm not using swap partitions anymore at all. If a process wants to swap it is in my experience better off being murdered by oomkiller right away.
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I suggest the following compromise: Patch mm system to only swap processes that are currently stopped, and patch oomkiller to send SIGSTOP instead of SIGKILL. (And fallback to SIGKILL if the process doesn't stop.)
I mean the current system effectively does stop everything, but in a way that produces a lot of unnecessary IO. So just stopping the process that eats all the memory sounds like an improvement to me.