If there is any strong argument for a Covenant (and there isn’t) then it should be to ensure Anglican Polity and Identity.
The issue of Lay Presidency, authorised by the Diocese of Sydney in Australia, is more of a challenge to Scripture, Tradition and Reason (the key tenets of Anglicanism) than anything to do with where Bishops place their genitals, or whether indeed they have any external genitalia at all.
I think we need a Conference in Jerusalem and a STRONG series of resolutions to ensure that they are appropriately censured and if they remain unrepentant (which I am sure they arrogantly will), be disbarred from the Communion.
If you live by the sword, you should be prepared to die by that sword also.
(made all the more grumpy by a missed connection at Salisbury and an enforced hour’s wait on a cold platform, now late for Exeter. Grrrr)