An alternative is to address the issue with 802.1x port security in your switches. After all, I suspect that ultimately you want to prevent unauthorized systems from gaining access to your network -- not necessarily prevent them from getting an IP address from the DHCP server. 802.1x port security will ensure that only authenticated systems can access any network resources in your environment. 802.1x configurations depend on your switch...
vendors capabilities, but here is a set of instructions for Cisco 2950 and 2955 series switches. In addition, I covered 802.1x for Cisco IOS based switches in detail in chapter 9 of Hardening Network Infrastructure and would encourage you to check it out for more details.
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