My idea would be to maintain a decent number of grade 1 races such that a horse could be flexibly campaigned to only run off level weights if that was preferred. What need to be slashed are the grade 2 alternatives and there needs to be more incentive to run in handicaps.
One possible way would be to have a small number of top handicaps where for every lb above 150 in the OR you carry 1/4 less in these races, such that a 182 rated horse would race off 174.
So taking the couple of weeks just gone as an example: Scrap the Amlin, Peterborough and Many Clouds chases (as conditions races at least), reduce the distance of the Betfair to 2m 5.5f and make the ‘Hennessy’ a specially designated handicap as detailed above. The top staying chasers now have two big money options for their pre-Xmas run and both races are massively enhanced as spectacles.
I’d also revamp the programme in January and February including a Winter Champion’s day at Ascot (swap in the fixture list with Newbury’s early feb meeting) and a newly created valuable 3m G1 chase the week before at Sandown (the Cotswold at Cheltenham would become a handicap). According to the BHA top level racing pauses between the Xmas and Cheltenham which just makes me sad : https://www.britishhorseracing.com/racing/major-events/