Okay, that is a different point than I thought you meant. While learning Chumash and Navi is not strictly traditional, it is certainly mainstream. I’m not sure how much this changes anything. Men who don’t learn do participate, and always have, participated in hakafos and dancing. I don’t think the two are necessarily related.
Either way, women dancing on Simchas Torah remains out of the mainstream, and not traditional.
I think someone made the point earlier that the whole Bais Yaakov idea was a chiddush and originally encountered a lot of resistance. This is true, and the only reason it nevertheless succeeded was because the need was so pressing.
The point is, that it has always been the way to resist change because of the dangers involved, and that’s no different here. So we can debate whether the need is so pressing that we need to allow for another innovation. I disagree with you, though about this not being an innovation. I think that this permutation being new is enough to consider it a change which should only be adopted for a pressing need, and I don’t think that there is one.