The verdict from analysts?
3. Give guidance on the Fed's balance sheet
The Fed could be more transparent in its plans for structuring the $3 trillion-worth of securities currently on its balance sheet. That might mean more clarity in the breakdown of long verses short term securities. This is similar to tool #2 in which the Fed would formally announce which securities it plans to buy.
4. Set an inflation targetTargeting a low inflation rate should help anchor expectation. Americans might feel more confident about spending and businesses might feel more willing to invest. However, the Fed might hit a roadblock in determining which measure of inflation to target. Energy and food inflation hit consumers the hardest but some of the inflation comes from factors abroad rather than domestic. The analysts were overwhelming negative on this one. Bernanke's answer in his last speech was lukewarm (it's "worth considering").