I favor governance bodies, but without an emotionally mature language inventor (I think we have that), an inventor with *some* spare time (not sure about that), and a community of highly involved people (we probably almost have that), which may have differences, but not especially dramatic ones (not sure here), then the prospects for governance are mixed.
One example of the emotionally immature inventor is Volapuk (the inventor didn't get along with early adopters). I guess early "jan pi lawa toki pi toki pona" would have to be pretty emotionally mature and good at diplomacy. (It could happen)
The example of a blighted democracy is the one where most of the community doesn't show up to vote and those who do bother to show up aren't representative of the whole. By Sonja's numbers there are 2000+ people who'd buy a book if they could, by my numbers there are about 200 people who've written something in toki pona and posted it to the net, and there are about 5-10 people who are highly actively in the tp community at any point in time.
Zamenhof didn't have any design constraints, so the higgldy piggldy loan words wasn't a problem. If a committee decided to double or triple the base vocabulary, I think this would really make toki pona worse.
Also, at the moment only jan Sonja and jan Pije have enough prestige to make a change and see the community follow it. Everyone else's innovations are being followed on accident-- the sort of accident that is hard to make happen on purpose.
Up to now, various proposals for utilitarian things like, numbers, math, dates, defining "pu", weights and measures, have been ignored. Script proposals get some attention, but not much because most proposed scripts can't be typed easily.
I think I posted somewhere around here what I thought the big questions in toki pona are, jan Kip has too. What do you think are the big unsolved question in toki pona?