My alternative suggestion is that they give the teams a 'box'. The car has to fit in the box. End of rules. The problem with tight rules is that they tend to eliminate innovation, eliminate that and you end up with nothing to choose between them.
How about having guys with turbos or ground effects or adjustable aero/ride-height or superchargers, different engine sizes, wheel sizes etc. all going head-to-head? The teams invest in what they think gives them the best pay-off.
No idea who Peter Windor is - I get the BBC coverage, they have a pretty good team of presenters on the whole.