Wait a minute, that
This could actually get pulled off. I agree with the previous posts, F1: too expensive, too boring, too much about how much you want to spend on 3.5 L of engine and 4 wheels holding up wings and a driver. Especially too much about the split in the TV money.
BUT...X-F1 baby, Extreme F1! Take a page out of the Honda rulebook for 500 GP and screw the displacment limit! Go to 5 liters, but keep the tires and or wing limits. You'll get way more HPs than the tires can manage, and it'll be a hell of a bunch cheaper to keep them going. Homologate the chassis, so that you don't have to sell your space shuttle to get one, and collectors will pitch in for the ones that the poor F3 guys don't trade theirs in for. Whatever you do, make sure you are knocking on the door of the F1 times, and Bernie Warhol Ecclestone will finally have that professional coronary everyone has been waiting for, and maybe we'll all get something to watch every other weekend that MGP isn't on.
This is all idealistic crap, however. This is all about the TV money, nothing else. Not "F1 is boring, we gotta do somthing for the fans..." because last I went there was still no fan shortage, go figure. They lost me after I actually got off my ass and went to 3 GP's in Europe. What a waste, each year worse than the next.