“I think we need one recognized, respected public figure to make a tough, blunt statement on just what Reagan's record is and what he might do to the country, let alone the Republican Party before Christmas.”
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Without a Mayaguez, or something comparable that we don't see in the immediate future, there is probably no one thing the President can do to himself to turn this situation around.
Whatever he does should be seen as working at the Presidency and if he goes to Colorado for Christmas, it should be for a minimum amount of time, the family tradition and family get-together aspect emphasized, and it be seen as a working vacation.
The President's political travel is going to get blamed (and probably rightly) for a share of this downturn.
The President has not created any Ford constituency, unique from that of any Republican President. The one exception to this is that he does show unique strength with young voters for a Republican.