I wouldn't necessarily fight against the repeal of the FTPA in its current form that strongly. For me, it's more about everything that is being attached to this version of repeal.
For example, the foreword to the draft legislation states that "the overriding principle of our constitution should be that the Government of the day has the confidence of the House of Commons." (emphasis added). I don't think it's too much a stretch to say that, if this is an overriding principle, then it's not clear why an election need take place within five years at all, or indeed with any particular timescale. A Government could, under that principle, point to enjoying a continued majority indefinitely, as long as that majority existed. Meanwhile, the four or five-year cycle is more a matter of convention. For a while, a few hundred years ago, there were seven years between elections (six being a fairly common choice in the 19th Century). Only in 1911 was the period reduced to five years. It's not clear to me that there are any protections afforded to this timescale in our current constitutional arrangements, and it seems clear that those protections are even less evident if the "overriding principle" is only that Government enjoys the Confidence of the House.
Clearly, this legislation is not intended to be a backdoor to a perpetual Government, free of the inconvenience of election. Convention presumably would also imply that "confidence of the House" ought to be refreshed. But my point is that the 2011 Act at least had one major advantage, in that it took power away from the leader to set the rules surrounding their leadership. Those rules should be set independently.
Secondly, the draft legislation makes clear that "A court of law may not question the exercise of [the power of the Crown to dissolve, summon, prorogue, and just generally control Parliament]", nor "the limits" of these powers, nor "any decision" at all related to them. This is the other part I cannot support. Again, the rules of the game should not be subject to the whims of the player; or, rather, the extent of powers of the Prime Minister should not be up to the PM to determine. Parliament, in our present system, is free to set its own rules, but that is (in practice) because it's elected, and therefore is recognised as the Representative of the People's settled will. The PM is not.