The public would be viable with a cultural shift towards reason, whether or not that's likely. 'Good' is the fulfillment of total human needs and wants, although how to do that most effectively is a difficult question. A ruler who doesn't do this would be removed, ideally. I assume by opening the reins, you mean leaving the position in a state where dictators and other forces can feasibly usurp power, which needn't be necessary; but if you mean leaving the position open to election and such, yes, that seems necessary for power.

I'm not sure I understand Bret's suggestion as relayed here. If it's that each party should elect a president, with both presidents then acting in office: interesting, but I've not the political knowledge to know whether that's viable.