Mandelson For Prime Minister: One Step Closer?

Returning to an earlier theme about the possibility of Peter Mandelson might enter 10 Downing Street as the bona fide key holder rather than a welcome guest, I was intrigued by the change of the law that has taken place to enable life peers to resign their peerage, and enter the House of Commons. Whatever can the good Lord have meant by that? Older readers will remember that Alec Douglas-Home resigned his peerage (a real one, not a life one) after becoming Prime Minister in October 1963, and won a by-election in Kinross (the constituency more fully known as Kinross and Western Perthshire was abolished in 1983). Which poor Labour MP, I wonder, might be required to make the ultimate sacrifice, and lay down his expenses claims for the greater good? Suggestions on a postcard please...