Buchanan said it was "fantastic" that the ICC was considering changes promoting tactics and strategies.
"The restrictions will definitely impact on the way that teams play and you will need flexibility to utilise those rules and conditions," he told the Courier Mail.
"Teams will need strength across the board to get full value out of those changes," he added.
However, two former Australian cricketers - Merv Hughes and Dean Jones have expressed reservations over the proposed changes.
Hughes, a former fast bowler said the conditions, which include substituting a player at any time during the match, would not help narrow the gap between Australia and the rest of the world.
Jones, who was considered to be the best Limited Overs batsman of his era, said fielding restrictions that increased the limit by five overs to 20 would help teams break the 400-run barrier.
"It's harsh on bowlers," Jones told the Sydney Morning Herald.
"Now a total of 400 for an innings will become the target, and some batsmen can get 200 if they apply themselves," he added.