Maybe we should abandon the thought of equalizing and simply propose some sort of regulation which is simple and strict. Let the manufacturers sort which formats they want to use.
Minimum weight, 500kg, maximum capacity of fuel tank, 50l. Sort it out.
Couldn't it work?
The manufacturers will/would never agree to anything that wasn't a complete rubbish compromise - and it would take a year of negotiating.
That is the root of the problem: kowtowing to the whimsy of a bunch of different organizations, as if there can be a sensible solution that makes everyone happy. After a ridiculous arbitration round, you get something that yields dildo noses, DRS and goofy engines. Never mind that the fan base dwindles.
It has to be something arbitrary from the FANS point of view. The FANS make the existence of F1 possible, period. Everything should follow that, if a manufacturer can't compete under that premise then fine. But this bizzarro world idea of putting the cart in front of the horse, debating how the cart should be built, and then hoping the emaciated equine can somehow push the expensively engineered cart forward does not make any sense. That's not how it works.
F1 is filled with personas who are hyper rich and powerful, and are accustomed to the idea that they "make things happen" and how much money they have dictates how. That is true in the business world, but *you can't run a race under the same principles*.