It’s an interesting question, but one on which we have frustratingly little information on. All we know from ASOIAF is that Rhaegar told Jaime that:
“When this battle’s done I mean to call a council. Changes will be made. I meant to do it long ago, but … well, it does no good to speak of roads not taken. We shall talk when I return.“
WOIAF tells us that:
“The prince, it is said, had no interest in the tourney as a tourney; his intent was to gather the great lords of the realm together in what amounted to an informal Great Council, in order to discuss ways and means of dealing with the madness of his father, King Aerys II, possibly by means of a regency or a forced abdication.”
This suggests that the former is more likely. Then again, Parliament itself in the U.K emerged and developed often in unexpected bursts during moments of political upset. Especially given the way that Aerys’ actions raised major questions about the powers of the Kings vis-a-vis the rights of the nobility, I could see the Great Council using the crisis to require Rhaegar to agree to certain concessions in return for deposing the king.
Would a permanent Great Council be on that list? Maybe. I’m a little skeptical – it’s extremely expensive and time-consuming for all of the lords of Westeros to gather in one place and debate policy, especially in a system where each lord is normally a pretty hands-on governor of their own fief. More likely, I think they’d push for a system by which the Lords Paramount and their principal bannermen to have representatives on the Small Council, and for some sort of system whereby the king’s actions in a number of areas would have to have the consent of those representatives.
Most likely, given the executions of Brandon and Rickard Stark and their companions, would be some sort of Magna Carta/Bill of Rights of 1689 that restricts the King’s judicial power vis-a-vis the nobility.
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