Doing so would sit well with the man himself. He knows he's not Washington or Lincoln. It would fit the times. Taxes need to be cut. Social Security and Medicare have to be reformed.
Education needs to be improved.
But these issues are suited to plain talk, not soaring rhetoric. Speaking simply would also enable W. to present the contrast between himself and at this point you may grimace Bill Clinton. Like much of his presidency, Clinton's first inaugural betrayed a sense of overexertion of trying too hard. W. should demonstrate dignity instead. The quotation from Jefferson's first inaugural that you cited is marvelous powerful, generous, resonant.