No improvements to the penalty button... I mean sticklift? IMO, if you're AHEAD of the opposing player and have body positioning on him, it should never be a penalty. Hooking/slashing penalties should only be possible from behind.
You could then balance the effectiveness of the stick-lift (and the chances of it succeeding) using the players' strength attribute. Let's say the player without the puck has a much lower strength rating: if he's in good position, he'll get the stick-lift off successfully but the other player will get his stick down quicker and regain control of the puck. I think this would be an interesting system that adds depth to the mechanic while balancing it AND avoiding unrealistic penalties.