Like I mentioned before...the Small Hall is done. They might as well put in a lot more players and just let history sort out who was the top 1% and who was in the next percentage point.
Personally, I would make a list of the top 40 players by WAR to debut in each decade. Then have a panel of say, 200 voters...various backgrounds- writers, HOFers, Jaffe types, vote for the ten players that should be cut. Then the ten players from each list that have the most votes are eliminated from future consideration, and the other 30 are your HOF players from each decade...most are already in. Then the rest either have a local ceremony for induction or they bring in some to Cooperstown for the regular ceremony.