I am all in favour of regionalising leagues below the Championship - truth is there is little difference between the third and fourth tier- having watched Argyle extensively in both the experience is basically the same. I hate travelling to the endless little northern towns and would much prefer to be able to get to more games by having more down south. This was brought home to me last season when, by chance, most of the league seemed to be based in the South and the experience was all the better for it.
The downside is less promotion spots but this could be overcome with an extended play off system with the top team from North and South being promoted and another being promoted via an eight team play off - meaning there would be five spots in each league for promotion or play offs - only 2 less than the current combined total for leagues one and two. It may even be possible to negotiate four up four down with the Championship.