While I absolutely appreciate what you're getting at, I don't think it's at all realistic to imagine reigning in the game by having the pros go back to wood.
A few years ago while he was still playing on the tour, Mark Philippoussis supposedly took part in a serving experiment that compared his serving with his current racquet, his first (older) graphite racquet, and a wood racquet. As it turned out, his serves with the woodie were only a few mph slower than with his current frame, while the older graphite racquet performed right in between the two.
Bonus points: Flipper broke the wooden racquet while serving with it. That would probably be common among the high-powered athletes that rule the sport today if the rules restricted them to using wood frames.
The pandora's box of racquet and string technology has been opened and I don't see us going back, but I don't believe that it's even necessary. A few years ago, one of the "powers that be", maybe the USTA, wanted to adopt a new regulation ball that was slightly larger. The thinking was that it would be a more rally-friendly ball that would make the pure power aspect in the game less of a dominant factor. It didn't catch on, but I think the idea was sound - I wouldn't be surprised if it's revisited down the road.
As for wood racquets, I'd be psyched if someone started pressing them again (pretty sure that's not the case today). Why? Well if I remember correctly, they were a LOT less expensive than the aluminum and graphite gear that was around at the same time. I'm not interested in paying $180-$200 for just one racquet, but I can't imagine "new" woodies costing anywhere near that. The downside? I'd need some serious help with figuring out how to string them!