My 2 cents..
1. Scrap Qualifying.
It's boring. Instead, make it into a 1 hour sprint race. The winner starts the last on Sunday, and the last finisher on Saturday starts on pole. This way, the smaller teams get better air time,the drivers can showcase their talent in overtaking and defending positions. Plus, it's bloody exciting with potentially lots of overtaking.
2. Bring back testing
While it's expensive, why not stay back on GP circuits on Monday and Tuesday, when there's two weeks or three weeks break in between? Run the cars, run the 3rd drivers, and fans still get to see some action..
3. Go back to basics
Let humans design and build the cars. Not computers. The 70s, 80s, and 90s saw beautiful cars and great racing too. Oh..and bring back steel brakes. It increases braking distance, and this promotes overtaking.
4. Be more fan interactive
Instead of the bloody paddock club, where celebrities and big timers walk around the grid, having absolutely no idea what's going on, why not let real fans roam the grid? Of course, it will be premium price, but make it easily available. Let the drivers do more PR and engage more with fans, sign autographs, etc.
5. Let them race!
Stop imposing nonsense penalties. Let men be men and let them race on track.
6. Race, not manage
As a fan, i feel shortchanged. I pay to see racing, not drivers lifting and coasting. It's nonsense when i hear they drivers being urged to save fuel, save tyres, save the gearbox..might as well save everything and go back home.
7. Bring back the noise
What made F1 unique was the bloody sound! Nothing else on earth sounds like the wails of a V10. The sound of all 22 cars at the start of the 5 sec countdown..that's the sound of God himself!