Oh absolutely, if they updated it to be based on modern farming then everyone would have significantly less acreage :D
But you'll find that with most imperial measurements; they're based on physical objects or systems of measuring which make less sense today. One of my favourites being the traditional way of counting sheep in the north of England: http://www.fellpony.f9.co.uk/country/wool/count.htm (and here's a great explanation and song by the late Jake Thackeray: http://youtu.be/TiXINuf5nbI).
But you'll find that with most imperial measurements; they're based on physical objects or systems of measuring which make less sense today. One of my favourites being the traditional way of counting sheep in the north of England: http://www.fellpony.f9.co.uk/country/wool/count.htm (and here's a great explanation and song by the late Jake Thackeray: http://youtu.be/TiXINuf5nbI).