I just feel like it makes a lot of good sense to produce something of the sort. I'm also naive enough to believe that it isn't too late to attempt to establish such a document and have it not contain all sorts of loopholes that would render it useless.
I can understand why the feds want to monitor the Internet and various communications, however there needs to be that pushback, that line drawn where we can hold their overreach accountable. It may not always work, but there needs to be something that us ordinary citizens can lean back on for protection.
Unfortunately while it doesn't always work out, that doesn't mean you scrap the whole idea.
Currently us citizens literally have nothing to combat our Government essentially having their way with the Internet to get at our data. This is an issue to both the individual but also groups/companies.
We need something, anything to use for defense.
You could have some arbitrary cutoffs, like don't worry about information on less than 1000 people or stored less than 3 months (or whatever numbers you want to pick out of the air, the point is that the threshold for reporting might not be 0).
What I think this might do in many cases is make storing the information more expensive than any value derived from it. It also gives people a chance to learn that the water company is sharing their usage with the police (or whatever).
This is a (very) short story I wrote a while ago that is semi related: http://pastebin.com/raw.php?i=eRNQYx21
However, something like this should probably start on something that is much more approachable by your average citizen.
Folks that visit Hacker News and work in tech have a decent understanding of the issues, however the masses are still on the outside looking in with regards to comprehension. The platform to deliver this message really needs to be insanely user friendly.