Simplifying English spelling

English spelling could do with simplifying, just take 'bow' and 'bough' as an example. The problem is that even spelling inconsistencies are inconsistent. So how best to respell words? The method that occurs to me is to get a database of every word (i.e. a dictionary), with pronounciation data and a ranking on how common the word is used. The new spelling of each sound is based on the most common spelling of that sound, and all words are given a new spelling automatically. The only problem then is convincing people to start using the new spelling and making sure people don't change how they pronounce things...