The three things I want to see addressed: You can't win #1 more than once every 5 years. And the other would have kept us from getting Rose, but you can't advance more than 10 spots. You can't get a top 3 pick in consecutive seasons with your own draft pick. If you trade that pick, it's treated no differently. I would even add something that says any team with 41 wins or less will also be entered into the lottery, if the above rules are implemented(theoretically an 8th seed could wind up with the 9th pick).
And of course, some minor odds changes across the board. 25% has always seemed fair to me for worst. Just because a team comes around every so often trying to exploit it, means nothing(heck, teams that exploit it rarely win the lotto).