One idea I had, as a variation of CEATS II that would be simple, would be to have the same set 'time' for an action, instead of a table that looks up your 'time' for an action depending upon your initiative. The trick here would be, anytime an action 'coincided' with another, the higher initiative stat would beat out the others.
For example, if it took 1 second to draw a weapon, and two combatants decided to draw, the action would, in game mechanics terms, take 1 second for both. However, Combatant A has a Initiative of X that is higher than Combatant B's initiative of Y, and thus finishes the draw before B.
Not much happens, except A has his sword out a hair before B has his dirk out...and since A has initiative, B has to declare his action first, so A has a chance to respond to it...
Next action continues to add to the timer....B announces he throws his dirk, while A had planned on doing a full-on sword attack. If a thrown attack was 3 seconds and a longsword attack was 4 seconds, B's action would be faster than A's, and thus complete first....even with the lower initiative. However, since A had the initiative advantage, he can pick a different action, i.e. a punch to the face or to leap out out of the way, etc.
Thoughts?