That wouldn't prevent companies from funding PACs, but it would greatly reduce their influence.
I'm not overly familiar with Lessig, but I believe he proposed the public funding option on a RealTime with Bill Mayer.
I'd also increase individual donation limits. Upper Middle Class people throwing 20k to a campaign for shits and giggles doesn't carry the same sort of risk as Boeing giving 500k and then asking for a defense contract.