Mike -- if you want to improve the safety record to airline level, yes, that is what it would take. Just be prepared to pay for a 100 hour inspection on a regular basis (heck it might be per dispatch for all I know), file your flight plan, have it prepared by a dispatcher (your cost) and for you to pay for a SIC to sit in the dummy seat (at least I don't have that many pilot friends who will fly with me everytime I want to go somewhere).
I don't want the freedoms we enjoy as part 91 to be messed with. We have enough regulations on us already. We are required to be medically fit, periodically reviewed (BFRs) and need to comply with a number of flight restrictions (SFRA, TFRs, etc). For those of us who have been flying a while, I don't want to see any more erosion of our freedoms.
What the fundamental thing you are asking is whether or not single pilot GA is safe and can it be made safer? It can be, but it requires us to be proactive about managing our risks. When you analyze the accident reports (http://www.ntsb.gov/doclib/reports/2012/ARA1201.pdf) - I haven't looked for the 2011 report, you will see a trend. Check out page 49. Even more interesting, check out the section afterwards on instructional flight. Just because another pilot is on board doesn't mean bad things don't happen.
For me, I try to stack the odds in my favor:
1) I spare no expense on maintaining my plane. If there are squaks, they get fixed. I do preventative maintenance before a failure. Expensive, yes, but so are funeral expenses and the proverbial lawsuits.
2) I routinely fly with an instructor to correct bad habits I picked up and to enlighten me to new things I that may have less familiarity with (like my new GPS).
3) I live the 3 Cs (Currency, Competency and Confidence) - mentioned in a previous post.
Like everything else in this world, there are inherent risks. How many people die in bathtub accidents each year? The problem with GA is too often those risks are underestimated or in worst case, disregarded and the result is an accident.