What a novel idea! As one who has slowly grown disenchanted by the current political system in my country (England), I am all for a political system revolution of sorts. This quasi- democracy that we currently find ourselves in has become burdened by red-tape and bureacracy, preventing real progress in our country and catering to the elite rather than to the people.
The idea of a political reset is an excellent one, similar to playing a video game and going back to a previous save because you made a mistake or didn't get the outcome you were looking for. Introducing reversible or temporary laws (with expiry dates for certain tasks/goals to be achieved) could absolutely work. In theory...
The reason I don't necessarily believe that it is feasible is simply due to the fact that governments hate change. In established "democracies", too much change is scary and the systems are set up to prevent that from happening. I do, however, believe that this political reset system could work well in a new democracy (think Bhutan, Tunisia or Burkina Faso) where the system has not yet been ingrained and had time to work itself into an unworkable state.
I believe that this revolution could also be beneficial if society were to begin working in the way that is psychologically beneficial to them (smaller groups of people working together for mutual benefit). I first read about this idea in Russell Brand's book Revolution and I believe that allowing smaller societies to create the rules and laws that are useful and suitable for them is the way forward (of course there would still be several governmental "basic" laws that should still be adhered to).
Which period do you think would provide us with the best outcome from this technique? i think I'd personally opt for something medieval so that we could really start from the beginning and get things right this time around!