I 'got the belt' (from one of these
http://www.johndick-leathergoods.co.uk/the_lochgelly_tawse_online.htm ) a few times. I did learn that the boss is the boss when of an age when rational argument wouldn't have worked.
The pantomime in front of the class was part of the punishment and maybe an introduction to the idea of justice being seen to be done, and done swiftly. Sometimes you were sent along the corridor to ask Mr X if Mrs Y could please borrow his tawse. Small female teachers lacking sufficient strength to make an impact would sometimes ask the Depute Rector ( rector = head teacher in these parts) to do the deed for them.
Belts were kept ready for action either in a specific drawer in a form teacher's desk, or down one of the long droopy sleeve things of their gowns if they were mobile. One music teacher I had kept it over his left shoulder under his gown, whipping it out and administering the hit almost at a run. I now listen to Radio 3 with respect....
Two strokes on the palms (both hands held out, one above the other) were the normal dose for average badness. It hurt for an hour or so, then was forgotten. I'm now a reasonably normal (by cc standards anyway...) adult, & I don't believe it did me any permanent harm. Teachers who administered it fairly were not particularly resented IME, although the few apparently sadistic ones were well known (one of the worst IIRC was a female RE teacher). Maybe this was the way we were supposed to learn the difference between fear and respect.
So to answer the OP, nothing wrong with bringing it back IMO. And not modernised - basic, easily understood action administered quickly without complication. The one improvement over the 1960s would be ensuring each incident was recorded and justified outside the classroom.