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I have often wondered if something similar might be effective in Bridge, perhaps even already have been experimented. The premises are somewhat different, because we cannot damage a tournament by sending off a partnership merely for cumulating offences - expulsion requires something truly heinous. Also we have the ability and duty to inflict penalties, which vary according to the severity of the offence. Finally, we consider a warning to be a form of penalty and it would be useful to distinguish when we really mean it.
My first thought would be to have maybe three cards, white yellow and red. A white card is a formal warning - an offence has been noted and repetition will incur a penalty. A yellow card is notice that a penalty has been incurred. A red card is notice that you are no longer playing in this tournament (for some very serious reason). All to be accompanied with verbal explanation, of course.
I guess another candidate for a card might be slow play (but tapping your watch with a finger already exists, and you could always combine this with the white card). Maybe there are others I miss, although it would be important to limit the number of such cards.
It's just an idea, but I am sorely tempted to try it sometime. Your thoughts?