The Almighty US Government

[Cinjin]

Point 4 absolutely violates free speech Cinjin. No worries, it can be left out (or left as is in the real world) and the effect would be the same.

No it wouldn't. Private parties can be heard on CNN and Fox News and any other news show. They can also be heard on websites and in print. And don't forget, they would only be restricted DURING an election.
The reason for point no. 4 is only one thing: Candidates must win elections on their own merit. We regulate a multitude of things seen by the public for the good of the public. This would be no different. Key thing here: Nowhere is it written that Free Speech must ALWAYS include radio and television. In fact if that were the case, we'd have porn on every TV channel and a multitude of companies screaming about the government violating their rights.