It's amazing how much misunderstanding of the U.S. patent system (and its history) you've packed into a single sentence.
Drop them back to the original term of 14 years
Sounds enticing on the surface, but keep in mind that was 14 years from issue. The U.S. didn't start measuring term from filing until 1995. Before that, people like Jerome Lemelson could manipulate the system by keeping applications tied up in the Patent Office literally for decades, all the while massaging the claims to cover wherever the market happened to be going in the meantime, and still get 17 years of fresh term when each patent finally was issued. I doubt you really want to go back to that kind of a system. And given that it can often take 3+ years for the Patent Office to examine a patent, the current term of 20 years from the filing date isn't effectively that much longer than the scheme you're proposing going back to.
close the "change one minor thing and re-patent" loophole
No such "loophole" exists. Right now today, advances over the prior art are only patentable if they would not have been obvious to a person of ordinary skill in the art at the time of the invention. 35 U.S.C. 103. If your real quibble is that the Patent Office issues too many patents with claims that actually would have been obvious, I won't disagree, but the solution is to more consistently enforce the rules that currently exist, not change them. The new procedures put in place by the America Invents Act (such as inter partes review) are helping with this a great deal.
and make damn sure they STAY at 14 years and don't let them ever become renewable or extended and grow out of control like copyright has.
Nobody is suggesting doing any of these things, so there's nothing to "reform."