That's probably better than what we have now, but still very short of ideal. Here's my proposition:
- keep trademark law as-is
- cut patents to 5-7 years, with a one-time extension if the holder can demonstrate need
- cut copyright to 14 years (original 1790 Copyright Act duration), with a one-time explicit extension, approved based on need
- have existing patents and copyright expire at their original term, the above (for works patented/copyrighted within the term), or half the above (for works copyrighted outside the term), whichever is shorter
That would solve most of the problems while keeping the vast majority of the benefits.