I realized it's much easier to do the pointer register than I thought. The logic is just:

If destination register = Pointer-Data-Address then

destination bus = Pointer-Address

else

destination bus = destination register

Or in VHDL:

dstAddr <= ptrReg when dstRegOut=PTR_DATA_ADDR else dstRegOut;

So it won't cost me a clock cycle to execute this function which is great because modifying the constant 2-clock execute cycle would be a pain. All instructions executing in 2 clock cycles is elegant and I'd prefer to keep it that way.