Sounds good to me.

I would suggest have the 20 most-recently-used show directly under the menu (as currently), and (only?) if the list >20 then have an additional "Show all points of view..." entry that brings up the dialog to select from the full list.
If there are less than 20 points in the list it will behave exactly as it does now.

Looking forward to this change if it can be implemented, thank you.