I like this question. Here's what I'd do, and it's similar to yours, MM:

1. Campaign finance reform
2. Popular elections; no more electoral college
3. Term limits
4. Eliminate big bidness access to politics and abolish our system of lobbyists. While we're at it, we need to eliminate big pharma access to medicine and abolish those lobbyists, too. Don't even get me started on big insurance.
5. Separate church and state and keep it separate. As Gray said, keep God away from our rights and freedoms.
6. To assist with 5, make it so that popular vote determines matters like abortion access and stem cell research rather than having legislators who'll never have any need of either mode of care run such important decisions through their moral filters.
7. Every penny spent on wars has to be matched domestically in programs supporting universal health care and public education. In the event of peace, people-care and education would still be our top priority.

I'd volunteer to play a round of Monica-and-Bill with Mr. President as a service to the country, but I can already tell I'd develop lockjaw. I do not find him a sexy or compelling man. If John Edwards ever holds office and needs to be impeached, I'm your girl.