I would've axed the tablet controller and made the pro controller standard from the start of console design.
Cut to 16GB Flash storage. (2 SKU's, white & black, same storage)
Axe the eDRAM and go with a stonger GPU w/ 2GB GDDR5 (one unified pool and perhaps, still, 1GB for OS)
Bluray drive for expanded multimedia.
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No tablet controller would have dropped the price to $249 (based on Iwata's claim). Cutting the storage by half and removing the embedded RAM would cancel some of the costs of an improved GPU w/ GDDR5 RAM. Also, another drop in cost would be removing the docks (no more gamepad) and removing the pegs to stand the console. A stand can be sold separately.
Therefore, price at $299 for guaranteed profit or break even.
e=mc^2
Gaming on: PS4 Pro, Switch, SNES Mini, Wii U, PC (i5-7400, GTX 1060)
