I would do several things if I were in Bud's shoes:
1) Eliminate the DH. It has no place in the game anymore. Make the pitcher hit!
2) Institue replay and limit it for fair/foul at the poles and whether a ball actually cleared a fence only.
3) Place a salary cap and floor. I'd say about $50 million floor and a $150 million cap. Right now, either the Marlins or the Rays as a team have a total salary this year equal to A-Rod's 2008 salary in his current contract.
4) Adjust the drug policy to an Olympic level, meaning a two-year ban for the first offense and life for the second with no possibilty of reinstatement. I'd also persuade the union to accept HGH testing with any method available, including blood.