Good thread.
To answer the OP's main question: I would limit referee review of calls to three replays; I would also like to see each side granted less timeouts for the whole game. Thus, in the end of game situation, the better prepared team / more astute players would seem to have the advantage if there are no time outs left.
The biggest thing that can improve scoring in the game though, in my opinion, is to clean-up play. The game should be called closer to the way its called in the NBA. No hand-checking outside the three point line; clean-up some of the fouls down low; don't let players ride each other all the way down the court.
It would be difficult to implement such a change and the first season of stringent calls would probably be a painful foul-fest as oft-fouling teams like West Virginia, VCU, etc, would probably be slow to shed old habits. But, for the good of the game, I'd like to see the refs actually enforce the rules and go back to a more finesse and skill-based game like that in the 70s and before. Just watch old highlights to see how little fouling was permitted. I think enforcing the rules would go a long way to increasing scoring and the excitement in the game.
