Personally I'd keep the rear wing, it's good advertising space if nothing else. I'm all for bringing back ground effect and getting rid of the front wing like some teams did in '82. With no front aero pieces to be affected it should be possible to follow closely through the corners while the underbody does all the work. It would need some fairly careful wording to regulate the tunnel dimensions and some kind of control over skirts etc but it should be do-able.Ban rear wings - the rear end aero of current designs is what prevents other cars from following closely. Remove the rear wing and you let the cars run closer to each other and move the focus of the cars back to mechanical grip which brings us to...
The scary thing is that you should also be able to generate a downforce reduction with this too - a Lotus 79 generates around half of the downforce of a modern F1 car.