I would not completely agree with you although I think you are on the right track.
1) trade Conolly I agree, Bozak: no. As much as I think he is over-rated I think he is a fairly good player and he comes at a fair price.
2) A real team does not care how many wingers or centers they have. The game has become so fluid and the players so well trained that they should know what to do in each area of the ice. Besides, van Reimsdyke is a natural center-man.
3) I completely agree.
4) Armstrong was bought out and is now a canadienne. His contract was ridiculous in the first place.
5) Burke has screwed himself over with his mouth. For a Harvard lawyer he doesn't seem to know how to control himself. They need a new goalie (veteran I might add) that will allow "Burke's rising star" to develop (you can choose whether it is Reimer or Scrivens).
6) The D is over-rated and lead by Captain Dion "Pylon" Phaneuf who is one trick pony and has poor lateral movement and speed.
7) I agree whole-heartedly and feel bad for him.
And finally: no shit they suck. Part of the problem is the fans and no immediate competition for the local market.

Yes Armstrong was bought out right before the free-agency period started.
As for Phaneuf, as much as I think he is over-rated, I understand your thought process. The problem is that the fans as a group and especially the media just offers so many different versions of coverage that its overwhelming. Not only that but its not as if anyone else would have it easier. Think back to Sundin, he was constantly criticized for things he couldn't control, specifically the usual joke of a team and organization around him. The only difference between then and now is that Phaneuf is over-rated and is not the same caliber of player that Sundin was. Not to mention it is hard to get a real answer out of Dion.

I am interested to hear what reasonable things Burke and co. could do to improve the team.
Any thoughtful suggestions?

Great to hear from someone who is realistic! I would give you a funny if I had one.
Anyways, I don't think they will get Luongo at the moment either. However, with history on our side, we can determine that at some point in the season, someone will have a physically destroyed goaltending system, and for the GM to save his job he will have to trade for Luongo. Whether or not that is the Leafs remain to be seen. However, I think the should have gone after either Scott Clemmonson or Al Montoya.
I have heard rumours that Detroit is interested in Doan as well as Semin (only as a truly, truly last resort if they feel if they absolutely must do something. I wouldn't go after Semin, he just simply is not worth it in the first place.
As for Roy, I think Dallas down-right robbed Buffalo, even though they gave up one of the hardest player types to find in Steve Ott. I agree that Burke does not want to pay market value in trades or in free agency. I also think he knows he is a poor judge of talent, which id why he surrounds himself with so many former GM's, although it obvious the team has stayed stagnant, if not become worse since the arrival of Burke.

Yes, for better or for worse, Semin's days in the NHL are numbered. There is no doubt he is special talent, but the commitment is just not there. With or without skill, he just is not worth the long term investment.
You are correct, years ago the Leafs had acquired Scott Clemmonson. I do not remember how he fared here, but he has matured a lot over the years and I think I could surprise you with some of his stats and career highlights. Nonetheless, I do not doubt that going into a new season with two unproven goaltender, just like last year, is not a wise decision. 9 times out of ten, a good young goalie has an older experienced goaltender to show him the ropes and how to cope with the rollercoaster ride that is being an NHL goalie.
As for Nabakov, he has a good thing going on NYI and it must be exciting to watch players like Tavares and Moulson develop.
As well, unfortunately from the fans perspective, I do not think that Leafs are able to attract top free-agents to come and play for them.

Live in TO, hate the organization. Poor management and overall I find the fans annoying because every its the SOS. Everyone (Torontonians) think that the organization is going to get every player for little to nothing. Obviously I am making a huge generalization, which does not accurately portray every fan, which is unfair.
I am interested in hearing what (reasonable) things the organization should do to get better. Or perhaps things outside of it that would force the organization to improve overall.

*every year