Perhaps giving the user the ability to add simple regex plugins that could parse certain OP_RETURN transactions in their wallet and display relevant info would be a safe and useful feature.
there are only two types of OP_Return that i can think of that contain relevant information that can be displayed.
- human readable strings, which should never be shown by the wallet due to the attack surface it introduces and is explained above. even with modifications it still isn't a good idea. besides the user can do the UTF8 decode of the hex themselves in a website online or in their terminal.
- Omni layer transactions which can be very simple to show but that would mean bringing an altcoin feature to a bitcoin client which won't happen.