Getting rid of the red line would not be the solution to opening up the game. Leave the red line, but get rid of the "two-line pass" bullshit. Sure, some guys like Lemieux or Kariya would try to camp out at center ice for a lead pass and a break away, but wouldn't you rather see that than a whistle and stoppage in play? The two-line pass is outdated and it hampers the excitement of the sport.
If you leave the red line, then you would still have the races to puck to prevent icing.
This seems like an interesting concept:
http://www.darrenbarefoot.com/archives/000022.html