If they're going to cut European races, it'd better be for American (the whole thing, not just the USA) ones, and not yet more pointless Middle/Far Eastern ones. Perhaps a Mexican one? I bet the locals would be all over it, especially with Perez now joining a top team.
The old Mexico GP track was kind of fun IIRC. Though I'm sure they'd need a new one if it returned.
F1 is a money game these days. Not sure it was ever really different, mind you, but it's certainly it's very financially driven now. If Perez does well, Mexico will definitely be on the agenda (IIRC, Bernie actually announced that F1 would return to Mexico some years ago, and nothing ever happened). Get Carlos Slim or someone like that to bankroll it!
The various Far Eastern Grand Prix are absolutely vital to F1's future. The Middle Eastern ones a little less so, but they indirectly help subsidise the rest of the season. The USA has similar potential.
In truth, though, I think F1 has the balance about right at the moment. Races in every continent, with a fairly broad range of sponsors and drivers. Add 1-2 more USA races, eliminate Hungary, and the balance feels about right.
Just let the teams test more within the season to compensate for its longer length.