I think there's a perception that home runs are excessive because it's what highlights are centered around, but the increase per game hasn't been all that much, since a home run is actually a comparatively rare event. The current rate is 2.8 per 9 innings. In 1986, which was definitely a "speed and contact" era/year, the rate was 1.8 per 9. So we're seeing only one extra homer per game. The walk rates are the same. I think the event that needs reduction is strikeouts. In 1986, the rate was 10.8 per 9. Today, it's 17.6 per 9. That's 7 less balls in play that could lead to a great defensive play, game changing error, etc.
I'm in favor of the new ball if potentially reduces the strikeout rate. Pitchers will start naturally being more fearful in giving up homers, so they'll try to nibble/throw more out of the zone, which will lead to more positive hitter counts and more fastballs/meatballs. Hitters will likely swing more controlled, knowing they don't have to come out of their shoes in order to drive a ball.