The GOP ostensibly tries this; they have historically been the party wanting "smaller government". However, the remarkable success of the USA has created voting blocs of special interests. Every American is basically living a better life than 95% of the world. When you reach that level, and you've granted the government the power to redistribute wealth, you get the ridiculous programs and government we have today.
My hope would be to return to the Reagan/Hedgehog mindset of governing: agree on the one big thing, and let everything else be assessed based on that one big thing. My vote for the "one big thing"? A massive return of power to the states from the federal government.
Good luck, I think your fantasy is more of an intellectual exercize than mine. But then again, mine was designed as an intellectual exercise, for purposes of discussion on this site. I happen to think however that if we had the money and the inclination, this would work. Whatever happened, it would be better than being a Republicrat.