Although the notion of 'we can't win, so let's capitulate' has always been a quite attractive idea to some, it has to have clear benefits for everyone before it can be considered a solution. Otherwise it is just defeatism.
One of the major consideration for putting a substance on the banned list isn't a moral case of whether it constitutes 'cheating' but rather if there is clear evidence that there is a health risk associated either with its use, or with the method of its use.
Therefore, although many of these substances are used medically (Epo, steroids, etc), their downsides and side effects are deemed to be acceptable in these cases because of the medical benefits they bring to those with illnesses. But to subject someone to these risks and side effects for no medical benefit, would in all cases be considered "non maleficence", and therefore not be possible under medical supervision. So you would still end up with a list of some banned substances that would need to be policed.
But assuming for a moment, all drug use was permitted, there would still need to be 'drug free' competitions established for those who didn't want to subject themselves to these associated risks. This is the situation that exists today with the two forms of bodybuilding. So, once again, you would need all the controls and tests in place to regulate this 'clean' competition, because those who wanted to cheat and gain illegal advantage would be drawn to race in the 'clean' series as that's where they couldn't gain easy advantage. These people don't want to compete on a level playing field. That's why they cheat.
But to even consider these radical options suggests we have both lost the battle and run out of ideas. Both I believe are wrong. Whilst the battle will never be over, we can still think of new things to do.
The first is that it's not only the riders who should be registered with their National Bodies and the UCI. So should all the support staff (doctors, physios, soigners, dietitians, managers, coaches, etc). Riders should only be allowed to get support from these registered 'practitioners'. If any of them are found to be implicated in doping, they should be stripped of their accreditation. Any rider who then uses the services of an un-accredited person, should be banned as if they had doped. Then even going to see the likes of Doctors Farrari would be unjustifiably risky.
Finally doping bans should be for life for riders. The only way to get it reduced to 2 years should be for the rider to completely spill the beans on the how, why, and with whom it all occurred. If they are not prepared to comprehensively 'gob in the soup', then they are either protecting people who wish to continue helping other dopers or they themselves wish to use the same methods again after their ban. Either way, non disclosure should result in their permanently exclusion from all sport.