I would love to see a redeemable Channel Points reward that would be locked in at a certain amount that CANNOT be changed by the streamer, that could be redeemed for an actual subscription. It can be treated much the same as a Twitch Prime subscription, where it has to be renewed monthly, as well as supports the streamer as a normal subscription would.
This could enhance viewer times for those less fortunate that may not be able to afford subscriptions to their favorite streamers, and reward them for spending time watching their favorite streamer.
It can also pay off for Twitch, as this would have to equate to ad revenue in some way and that would be where determining the channel point amount that still develops a profit for Twitch so that this can be afforded while still turning a profit.
The idea of having points for a gift sub is a great idea but I don't think it's possible to have points set at a fixed price especially for something like a gift sub. Subscriptions can be incredibly valuable depending on the channel, and while they may be at a constant price in terms of USD, it's probably not a good idea to have channel points set at a fixed price for them.
First off, a subscription comes with a month's access to all of that streamer's emotes, some of which they paid a lot of money to get made for them.
Secondly, streamers often involve their community but they want to put more emphasis on subs because they're actually paying members of the community. Making subs easier to get for free, especially to larger streamers wouldn't be fair to the people paying for subs and while there are options to get a free subscription, it makes sense for it to be much more expensive for some streamers than others depending on the emotes and how much involvement subs have over regular viewers among other factors.
Thirdly, forcing a free gift subscriptions program onto a streamer is very unfair to them considering that it could be that streamer's main source of income, and financial factors should absolutely be taken into consideration.