Well the SNP-based version has not worked out. But I'm guessing the full-sequence version has a better shot in a decade or two. Commonalities between identical twins raised apart of course provide the limit to which this project could ultimately succeed.
One such terminology you find in the literature is non- synonymous and synonymous: nsSNP is a genetic code change that results in a different amino acid vs. sSNP where it doesn't alter the amino acid residue sequence.
When reading your post, I thought of Kari Stefansson, founder of DeCode Genetics. Had Stefansson’s hypothesis about the common diseases of man been well founded, DeCode probably wouldn’t have gone bankrupt after burning through hundreds of millions of dollars.