maybe it's less about "electing" people, and should be more about building a communications infrastructure. I guess bitcointalk is already that to an extent, what with all the threads expressing outrage etc.. But imagine "Anonymous" style campaigns, where some communications channel or something is created for a particular issue as and when the need arises.
What is the *purpose* of the original foundation? What aspects is it desirable to replace, or provide an alternative to? Answer that, otherwise it's just a foundation for the sake of it and being contrarian.
- funding developments / improvements?
- promoting bitcoin?
Both these things already happen on bitcointalk, with bounties, and with the various threads "let's get X to accept bitcoin, how do I explain Bitcoin to Y".
And if these two things are all a foundation would exist for, then the solution could be something as simple as a new forum with precisely two boards, one for promoting of projects that need funding, another for organising bitcoin marketing "campaigns". (Or perhaps implemented as a Reddit / Hacker News style voting system).
Maybe also a curated Q&A section where verified journalists can ask questions. (or just a heavily moderated Q&A forum where duplicates are removed and questions are heavily focussed on current events in Bitcoin land).