It's a no win situation. If you put the red line back in, the game will just slow down more. It's going to get even more boring as a neutral zone trap will suddenly be effective again, and all a player will have to do is get in the way of the opposition a little bit to snuff out any speed they have. The only plus of putting the red line in is that there will be less high-speed hitting and as a result, less head injuries.
But really, the NHL isn't the problem, it's the coaches. No matter what changes are made, coaches are going to adjust and force a more controlled, defensive game. Goals just aren't that important anymore, but keeping it out of your own net is.
Last season, 14 of the top 15 teams in goals against made the playoffs. Only 2 teams outside of the top 16 in GAA (Detroit, 17 and Dallas, 20), didn't make the playoffs. No teams 21-30 in GAA made the playoffs. Detroit snuck in with a tie because Boston crapped the bed down the stretch, really the only exception was Dallas, who led the league in GF.