A major part of what would be necessary to form such a council in the first place, a great number of scandalized and courageous bishops, is missing. A nice thought, but it's even less likely we're suddenly going to get a group of faithful Cardinals before we get a decent Pope. It was from a great mass of rotten apples the we received our latest worm-riddled papacy. Miracles are miracles and if we get them all at once I won't complain! In my opinion, only a good Pope from sometime in the future is really going to be able to make this right. Until then, no Pope at anytime has had or ever will have the authority to teach against dogma, or suppress the Latin Mass, or create a new rite, or practice pagan rituals, or worship pagan idols, etc, etc...
I do find a few things I agree with S&S on, like their distinction between occult and notorious heresy, and the near impossible conditions a Pope may enter into such a state. Ultimately the Church is restricted to judging the externals, which wouldn't be so tortuous if we weren't dealing with thoroughly dishonest modernist-masons lying their heads off when they say the Church teaches this or that and insisting they actually believe it. This is what makes Modernism such a difficult thing to root out: the heretics have found an exploit against the Church Militant and they are going to keep pressing their advantage until God removes them. And then of course, there is the fact that we have a very guilty College of Cardinals unwilling to press the Pope for the True Faith.
If the future glory of the Church is indicated at all by the hideous near-hopeless situation she currently finds herself in, it truly may feel like a Heaven on Earth when it finally arrives.