I. 
Article V and My Proposed Amended Art. V 
                                    Art. V
The Congress, whenever two thirds of both houses shall deem  it  necessary, shall propose amendments to this Constitution, or, on the   application of the legislatures of two thirds of the several states,   shall call a convention for proposing amendments, which, in either case,   shall be valid to all intents and purposes, as part of this   Constitution, when ratified by the legislatures of three fourths of the   several states, or by conventions in three fourths thereof, as the one   or the other mode of ratification may be proposed by the Congress;   provided that no amendment which may be made prior to the year one   thousand eight hundred and eight shall in any manner affect the first   and fourth clauses in the ninth section of the first article; and that   no state, without its consent, shall be deprived of its equal suffrage   in the Senate.
                             My Proposed Amended Art. V
1. The words and phrases of this Constitution shall be
interpreted according to their ordinary meaning at the time of their enactment,
which meaning shall remain the same until changed pursuant to Article V; nor
shall such meaning be altered by reference to the law of nations or the laws of
other nations. [I borrowed most of this language from Randy Barnett’s
proposed federalism amendment]
2.  Whenever a
majority of either House of Congress shall deem it necessary, such House shall
propose Amendments to this Constitution, which shall be valid to all Intents
and Purposes, as Part of this Constitution, when ratified by the Legislatures
of three-fourths of the several States.
3. Whenever the Legislatures of any five of the several
States shall deem it necessary, such Legislatures shall propose Amendments to
this Constitution, which shall be valid to all Intents and Purposes, when
ratified by the Legislatures of three-fourths of the several States.
4. Congress, on the application of the legislatures of two
thirds of the several States, shall call a convention for proposing amendments,
which shall be valid to all Intents and Purposes, as part of this Constitution,
when ratified by the legislatures of three fourths of the several States. 
5. Anything to the contrary herein notwithstanding, no
state, without its consent, shall be deprived of its equal suffrage in the
Senate.
II. 
Constitutional Convention ("Con Con")
The second method  created by Article V for amending the Constitution provides that  Congress “on the application of the legislatures of two thirds of the  several states, shall call a convention for proposing amendments.”  Again, any amendments proposed by the Constitutional Convention will  become law only “when ratified by the legislatures of three fourths of  the several states.” So, to be clear, under this second method, four  separate actions are required in order to amend the Constitution:
First, two-thirds of the states must apply to Congress for a constitutional convention.
Second, Congress, at least in theory, must—shall—call a constitutional convention.
Third, the constitutional convention must then propose certain constitutional amendments.
And, 
fourth, the proposed amendments must then be ratified “by the legislatures of three fourths of the several states.”
 III.
 Some Tea Party Proposals
Prof. Barnett's proposed federalism amendments include:
--a proposal to replace the income, gift and estate taxes with a uniform “fair” tax on consumption; 
--a proposal to restrict the commerce and spending powers of Congress in order to restore them to what Randy believes is their original understanding; 
--a balanced budget amendment with a Presidential line item veto; 
--a term limits amendment for Congress
--repeal of Seventeenth Amendment, which provides for the direct election of United States Senators instead of, as before the Seventeenth, appointment by state legislatures
IV. The "Repeal Amendment" 
My primary focus: Prof. Barnett’s “Repeal Amendment,” which I believe may well be able to get  political traction. After a series of meetings between Prof. Barnett and  Tea Party activists, they decided to go forward with the following  proposed amendment:
Any provision of law or regulation of the United States may  be repealed by the several states, and such repeal shall be effective  when the legislatures of two-thirds of the several states approve  resolutions for this purpose and that particularly describe the same  provision or provisions of law or regulation to be repealed. 
V.
 Madison and Federalist No. 45
The powers delegated by the proposed Constitution to the  federal government, are few and defined. Those which are to remain in  the State governments are numerous and indefinite. The former will be  exercised principally on external objects, as war, peace, negotiation,  and foreign commerce; with which last the power of taxation will, for  the most part, be connected. The powers reserved to the several States  will extend to all the objects which, in the ordinary course of affairs,  concern the lives, liberties, and properties of the people, and the  internal order, improvement, and prosperity of the State.
VI.  
Commerce Clause and tenth Amendment 
The Congress  shall have power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.
The powers  not delegated to the United States by the Constitution, nor prohibited  by it to the states, are reserved to the states respectively, or to the  people.