I think you would get boring cricket.
A team goes to Asia/Aus/England even and will want to bat first. Why? Well the home team is going to be fearful of having to bat last, so the word goes out to the groundsman to prepare a road. Can't afford it to be green early on and get stuck in, or make it rag from day 1. This means it will be 700 v 600 and we'll have loads of draws. Alternating the toss won't help either as the home team will prep the wickets like above for the away team and get made to order decks for when they have the toss.
Best option is to get a ball with a proper seam and hardness and make batting more difficult irrespective of the wicket. Get something that reverses, big seam that helps the spinners turn it more and the seams to get prolonged movement and bounce. How much more interesting was the ashes when the England prepared english wickets that did something all the way through.
I think the best option is to have all test match series as either 3 or a 5 match series. Then who ever wins the 1st toss then get to choose what to do on the 1st, 3rd and 5th tests. I agree the home team will manufacture a pitch to suit them knowing the opposition have choice of whether to bat or not, but doesn't this happen already??... England produce a seamers wicket relying on our seamers being better than the oppositions. India/Pakistan turning wickets for spinners etc etc.
However if Alistair Cook had had the choice of what to do in the 2nd test he would have batted 1st and if a decent batting performance was made they would have won the test. Same can be said of pitches in India and possibly Sri Lanka... 90% of the time if you win toss and bat 1st you will not lose the test match...
I personally think its not a fair game of cricket if winning the toss has a MASSIVE say on the outcome of the test. There is nothing you can do about overhead conditions so if you are put in to bat, then its down to a batsmans skill to survive until conditions change, however in Asia, I would fancy many county teams to make 300+ in having 1st use of those wickets.
I appreciate that there is no "bulletproof" solution but surely alternating the toss after the 1st toss has been won would be easier than trying to manufacture a new cricket ball that everyone would have to be happy with for it to be introduced in all test series.