The method you suggest for solving the censorship conjecture starts with a singularity and attempts to show that it must be surrounded by a horizon. This cannot work, for reasons described by Jerry Schermer. There are many good solutions of Einstein's equations with a naked singularity, for example, the Schwartschild solution for negative mass:
$$ ds^2 = -(1+{2m\over r})dt^2 + {1\over 1+{2m\over r}} dr^2 + r^2 d\Omega$$
Which is spherically symmetric, satisfies Einstein's equations, and is manifestly horizon free and nonsingular away from $r=0$, which is naked. The point of the censorship conjecture is to prove that such a solution can never arise from sensible initial conditions. This example is excluded by the positive mass theorem, for example.
The boundary between black hole and nakedly singular solutions is the extremal solutions, which are thermodynamically zero temperature, and are as hard to realize as any other zero-temperature limit, by the third law of thermodynamics. To get a black hole to extremality, you need to cool it down carefully. One reason Penrose conjectured that naked singularities do not form is the difficulty of passing to the extremal limit, let alone through it, as you would need to do for a naked singularity.
The so-called counterexamples to censorship are cases which are fine-tuned to be on the boundary of forming a black hole. These results are very important in themselves, but have no bearing on the truth of the conjecture. The Choptuik results show that you can form a self-gravitating marginally stable system by fine tuning the initial conditions for an infalling scalar be just on the edge of forming a black-hole. The interesting result is that there is a self-similar powerlaw of scalar field energy density with a singular blow-up near $r=0$, but this naked singularity obviously resolves into a black hole at infinitesimally greater concentrations of energy, and resolves into a nonsingular solution for slightly weaker concentrations. The point is that there is a one-parameter tuning that can produce these things.
Cosmic censorship pretty much implies that the evolution equations can be globally extended on the exterior of closed trapped surfaces from any asymptotically flat initial conditions to give a regular manifold with a time/space slicing. This is as difficult as any other global problem.
But perhaps there is a physical shortcut. In quantum gravity, using AdS/CFT, you can find a non-gravitational dual, which is flat in the large-N limit. Then you must be able to translate any physical classical initial conditions with dust into a quantum field theory state, and try to extract the space-time behavior from the field, and show it is not singular outside of the horizon. The AdS/CFT description is always exterior to the horizon anyway, since the black-holes are evaporating, and it might be possible to prove that the gravitational field is nonsingular. But the problem of mapping classical gravitational solutions to AdS/CFT states is not sufficiently well understood to carry out this program.