Considered, yes, but not implemented yet. The Pay Later options are all controlled in the pay options area now instead of the language files. However, you can't add Pay Later fields that show AFTER the selection yet.
C'mon DTHAdmin, you're soooo close! Adding the Offline option was awesome. This option would make this the BEST registration module yet! (do I sound desparate?) On a serious note, I'm really looking forward to seeing the ability to enter a PO on the payment screen.