Not at all. It would be quite straightforward to draft a law that had very definite boundaries. In any case, I'm not suggesting the land should be handed out to the general public but more that perhaps that someone like the National Trust should take it over and allow the public to enojy it.
What would be "the best" of the hereditary system then? Any system where large numbers of people (hereditary peers) get to have a very decisive role in the running of the country merely because of who they were born to can't possibly have any legitimate claim to being a democracy. The sooner the UK has a fully elected upper house and head of state the better.
Michael.