The problem with that argument is that you cannot recreate the football envinonment from the 1960s to the 1980s. Then teams from the likes of Portugal, Holland, Yugoslavia, Poland, Romania, Scotland, Czechoslovakia, and even Sweden were competitive in European Competitions.
Not any more. Ajax are 15th and Porto are 16th in the European rankings, The rest of the top 20 come from the usual suspects: England, Spain, Germany, Italy and France. Even France as hanging on by their fingernails.
The fragmentation of Yugoslavia, Czechoslovakia, and the USSR has caused much of this as has the re-unification of Germany.
There isn't a hope in hell that football will return to a one team per country European Cup and even those who advocate it know that dammed well.