Disagree with you. Track is eminently watchable, it's just packaged horribly on TV and many meets are incredibly inefficient.
The very first thing I would do would be to get rid of women's events being in the same meet as men's events. As much as I respect the efforts, they aren't that exciting.
Secondly, ditch the pacers.
It wouldn't hurt to have specialty meets like all mid dist/dist., all relays, etc.
As far as TV, if it's not live, edit it. Nobody really cares if it's not live and you're not ruining the authenticity by omitting people getting into their blocks. If there's a false start, superimpose a brief note on the bottom of the screen.
Furthermore, no human interest stories on TV, just pay a random horse racing or hockey announcer who is competent to learn the runners' names. It's cliche, but watching some of the BBC commentary makes me realize how bad the US commentary is. I literally could do better commentary.
Limit the number of runners from each country in a race. Put them in non-quasi-futuristic looking singlets that have their country's name on the front. Use split screens. Train cameramen on how to monitor the action at multiple points in a race. Those setups where the camera rolls around the track are great as well.
A high school track meet can be entertaining. This is the oldest sport there is and almost everyone can relate to it, it's just packaged terribly (and again, meets are run terribly. give people 10 seconds to get set in the blocks or get a no time). I agree that trak is almost unwatchable on TV in its current form.