Fair point and part of that would be to look at it's foundational purposes were, how it has evolved, how it works, what it stands for now.
That all sounds terribly backward looking. I think we need to focus on what it should do in the future and then determine the best mechanism to get the most appropriate membership to support that function going forward.
It is nice to nod to centuries old traditions, but the Lords cannot be a museum piece, a bizarre anachronism from days long gone. Keep some elements of ceremony and tradition but completely reform it in the context of its day to day role.