If it were up to me I'd go a different route, one that can be done by executive order and has more than the desired effect.
I'd write up an executive order requiring every federal agency to submit an accurate page count / word count of ALL their current regulations and rules within say 90 days to the executive. If their count comes up wrong, 10% of their budget is withheld until they get it right. If they don't submit on time, 20% gets withheld until they do it right.
Once I have those numbers in hand, I then put out an executive order that requires EVERY agency in the executive branch to remove by word count and page number 10% of their current regulations / rules. This doesn't preclude them making new rules and regulations, nor does it preclude them doing everything they are now. What it does do is require them to do it with 10% less verbiage.
All agencies are given to September 30th of the current year to comply. Those agencies that don't meet this figure and deadline have a percentage of their next year budget withheld until they do comply. Then I repeat this in the next year.
Every federal agency would be so focused on getting rid of rules and regulations, in whole or part, that they'd have nothing else topping their agenda. Three years in they'd have 20% less regulations and rules by word and page count than when they started.
Then in that year, I'd demand a review of personnel and order a RIF getting rid of those who no longer have stuff to do because there's 20% less stuff to do. I'd particularly target lawyers and low-level executives who are the ones responsible for writing those rules to begin with. Then cut their staff. If you chop of the head, the body will die. That's how you force bureaucracies into being more efficient and doing only the minimum they're supposed to be doing.
Best of all, the Left would go apeshit nuts with rage as their favored bureaucracies are crippled then castrated, and there's nothing they could do to stop it. In 8 years, most of the deep state would be gone.