The problem lies in that the "T" in THD leaves us way too many variables to hope for any strong correlation to THD in anything other than very similar systems. HD is audible beyond some level that is dependent on both harmonic order and fundamental frequency. As such, a THD measurement gives us no indication of the audibility of the distoriton, just the magnitude of all distortion produced.
This is hardly a new concept, although not often talked about since THD was a lot easier for manufacturers to denote, especially in the electronics world. Back in 1950 D. E. L. Shorter suggested that harmonics be weighted by n^2/4 where n = the order of the harmonic. I believe that works out to roughly a 12dB/octave weighting, which is not too far off of the more recent work by Earl Geddes and Lidia Lee, which they call the GedLee metric. This article includes a 3rd party look at these metrics and references for Shorters work and some before him and is posted on the GedLee website:
Weighting Up by Keith Howard
The exaggerated example/translation of the above is that when producing 60Hz, a 1200Hz harmonic doesn't have to be very loud to be noticable and annoying, while 120Hz 2nd harmonic can be much more significant before becoming objectionable. I whole heartedly agree that 10% THD should not define the maximum limits. Personally I still prefer the 1/3rd octave burst that Keele and Linkwitz first used which leaves it to the reviewer to determine at what level the sound of the "boink" changes. It is quite easy to discern when the distortion becomes clearly audible.