What you're describing is along the lines of what I envision, as well -- the federal government formally apologizing for its actions, resolving not to repeat those mistakes, and assembling a commission that would make recommendations for what options/forms of restitution (reparations) are feasible, to be sent to Congress for funding/approval. But, whoever is President at that point in time will have to tread very carefully -- if he/she phrases it as though they are apologizing "on behalf of all White people" (rather than on behalf of the federal government itself), that'll be like ten powder kegs on top of each other.

Also, for people such as myself who are minimally-religious (I'm a Pagan, not a Christian, so references to repentance simply don't resonate with me), the social justice aspect of is crucial (i.e. closing the racial wealth gap through new resources/opportunities, and avoiding blatant fiscal penalties for individuals based on those individuals' racial/ethnic identities per se).