"A lot of what I'm hearing in terms of the protocol could be similar, and I use that word carefully, to 2000 when nationality and country-of-origin for the build were corner stones.
"That probably doesn't mean the whole construction process. At that time the canoe body of the boat - or inside laminate - had to be completed in the country of origin and the fit-out could be done anywhere. I don't think it'd be every single component."
Team New Zealand's initial statement on their plans said: "In recognition of the fundamental condition of the Deed of Gift that the Cup be preserved as a perpetual Challenge Cup for friendly competition between foreign countries, the Protocol will contain a 'constructed in country' requirement for competing yachts and a nationality requirement for competing crew members."
Lester said ETNZ and challenger-of-record Luna Rossa could create some "one-design" components to benefit local manufacturers, provided they delivered quality at competitive prices.
"[ETNZ] do have a responsibility to New Zealand and the marine industry, but their prime responsibility is winning the America's Cup and defending it. Notwithstanding that, Team New Zealand have been a good ambassador for the country's performance marine industry."
Lester didn't believe the proposed new protocols would deter challengers. He said the most enticing factor would be an "evening the playing field".
"One thing [ETNZ syndicate head] Grant Dalton came out with was bringing back integrity, with rules that are set and won't change. I expect them to remove [the rule of] the defender sailing in the challenger series [unlike 2017]."
