Sounds an awful lot like the type of Balance of performance done for sportscar racing.
The FIA just needs to realize that they need to make the engines affordable for privateers In F1.
WEC and LeMans has always been a manufacturers playground.
But how big a grid would they have if it was just the LMP1 cars?
F1 just needs to simplify the overly complicated engine formula, and let the manufacturers sort what type of configuration is best for the 1.6L displacement...
1.6L single Turbo, 4-6 cylinders, flat, inline, or V.
With the usual caveats about exotic materials.
Just the single Kers unit everyone had been using - but with unlimited use.
Brake by wire, and the various complicated subsystems; Bin them. Too much added complexity for too little PR gain.
The 100L fuel flow limit is fine as a starting point; The FIA should make a provision to allow them to increase it between races as they see how much the teams are short filling their tanks. (So gradually more power as the season goes on...)
Unlimited engine development - but the customer teams cannot be charged more than 8 million US per season. (A defacto cost cap.)
The current research done by the engine makers is still valid, the engines would be cheaper, and the competition would be closer between the different makes.