Oh, absolutely. It'd read something like this:
You will remove 5% by page and word count of rules and regulations your agency currently has published in the Federal Register by (date). Until this directive is met, 5% of your current budget is withheld. Failure to meet this directive by (same date) will result in an equal decrease in your next year budget until met.
Nothing in this order precludes your agency from performing all actions it would normally take in the course of business. It does not preclude making new regulations. It only requires that the total length of your regulations in word count and page count in the Federal Register goes down by 5% by (date).
That is something a president can do unilaterally, immediately (aka day 1), and it will have a MASSIVE effect on every agency with shit published in the Federal Register.
Right now, there is close to 100,000 pages of rules and regulations in the Federal Register. That order reduces it to 95,000 give or take. You could up it to 10% and it'd be close to 90,000 pages. Do it 4 times and your close to 80,000 pages and falling. That will have an effect. Choose the percentage to remove, but make it achievable and realistic. Force agencies to stop putting in new rules before they've pulled out a bunch of existing ones. Drive the total down. That's less shit for lawyers and such to argue over.