I think the standard for red card should be based on dangerous tackles and the standard should be the same regardless of where the penalty occurred or who committed it. Penalty kicks should be awarded for any obvious goal-scoring threat whether intentional or not or whether they take place in the penalty box. Obviously, the closer you get to the goal the better the goal-scoring chance but marking an arbitrary box is silly. If the goal scoring chance was equal to or better than the chance of scoring a PK, then award it. I feel like this would reduce diving where if you get the ball inside the penalty area without a clear shot on goal, there's really no reason not to dive. If you get caught, you get a yellow. If the ref buys it, you get at a minimum a penalty kick and possibly also a red for the opposition. Also reduces all those controversial plays on handballs on crosses.
Perhaps the opposing manager should be allowed a free head butt on the offending player. Sorry, am I mixing stories here? Assuming this has been raised by the dismissal of the Arsenal keeper in the week, I would like to see us go back to days of "intent". I can recall Alex Stepney happily admitting that he would grab the ankle of a forward who had beaten him (as he did in the '77 FA Cup tie against us when he up-ended Channon) as it gave him the chance to save the penalty. Stepney clearly intended to commit the foul and should have gone. Modern keepers know they can't do this, but equally an honest attempt to get the ball can be penalised with a red card if it goes wrong - this applies to the "last defender" whether or not the keeper.