There are merits to that approach, as well as the current system, as well as a 7-year term. These and others were discussed at great length during the Constitutional Convention.
But whatever length of time you make the term of office, the fundamental problem still remains. There is too much power in Washington.
Until the government is returned to some semblance of its limited Constitutional structure, the corruption will continue as will the trend towards tyranny.
The rebs saw it for what it was, the Federal government was becoming too strong, one way to thwart it was to establish term limits. States rights have become meaningless since 1932. In fact there are no states rights. In a new bill, Bush wanted national ID on drivers licence, Armey took that out of the security bill. It will come along later, one way or another.