Federal initiative/referendum/recall - is that a good idea?

Do you think it'd be a good idea to force a recall election for a president if, say, 8% of those eligible to vote sign a petition? If it conflicts with the electoral college, btw, then it can be changed to a petition of 5% in a state the president won being enough to warrant a new election only in that state, so that if a president loses enough states this way and slips below 270 electoral votes, he's toast?

By the same token, I think Congressmen and Senators should be recallable by, say, a 5% petition in their district/state.

Do you think it's a good idea? This way, the people will decide whether to remove an unpopular president who can't be impeached (e.g. Bush II or even Nixon had Watergate surfaced a year later than it did). Moreover, the people will be able to repeal a federal law they don't like, start a federal law Congress doesn't like, or even force Congress to immediately vote on a bill without committees, filibusters, and other delays.