Proposal: Inversely relate energy flow with energy density, and permit any type of energy storage so long as it is safe. Petrol, diesel, ethanol, hydrogen, Li-ion, or combinations thereof for use in a hybrid powertrain. This is an extension of the method used in WEC to equalize diesel & gasoline.
For example, teams which choose a Li-ion battery energy-store will be permitted a maximum energy flow rate 10x greater (approximately) than that of a team which chooses a gasoline energy-store, as a well developed Li-ion battery will have around 1/10 the energy density of gasoline.
It may seem absurd to allow an electric car 10x more power, but there would be diminishing returns and these power levels may not ultimately be developed nor required. Using more power (acceleration, aero drag) drains an already weak ES, and there are limits to what the tyres can handle.
The great equalizer here would be pit stops. Less energy-dense cars will need to pit for a refresh of their ES far more often. I envision swappable battery packs in this scenario. Further equalizers would be that all cars will still be held to the same aerodynamic, minimum-weight, & tire use regulations.
At times, the petrol cars will appeared handicapped as they would always be getting passed by the electric cars. At other times, it will be the electric cars which appear handicapped, as they need to pit frequently, losing positions. But all of this is an honest reflection of each technology's current limits.
As such the grid in F1 can reflect the diversity of offerings found in the marketplace. There is no single-best drivetrain solution for motorsport nor industry nor consumers; it is dependent upon application and tastes.
The result is, ideally, a diversity of drivetrains on the grid fielded by companies from their respective industries, each with room for development, all of which have competitive potential through the density-flow factors chosen. This continues F1's potential as a laboratory and proving ground.
Would a team choose electric drive if, despite having the quickest-lapping cars, they had to pit every 10 laps?
*In the graph sketched above, read the horizontal axis as an increasing flow-rate from left to right. Less dense ES are permitted greater energy flow rates, but will require more frequent pitting.