I'd rather go the other way; that is, have the government issue light machine guns, grenade launchers/rpgs, "assault" rifles, etc. to law abiding citizens. Of course, there should be "reasonable" regulation: the only reasonable regulation I can think of is that it should be against the law to fire these weapons in town except in defense of life or to stop a life-threatening crime in progress.
I'm with you on this one. We don't need to redefine the 2nd Amendment. We need to re-understand it and remove forty plus years of anti-firearm legislation. It has been so long that the government has feared the populace that we have become a socialist state. There is a lot to be said for political stability and the veneration of sacred governmental institutions, but we have become a blind, defanged populace. The 2nd Amendment was written so that we could defend ourselves from government, and that is why the average citizen has a constitutional right to own a tank.