Is there too much freely available information about you out there?In nearly all cases, it is you yourself that has agreed to allowing this information to become public. You should read everything before you sign it.
Of course, I personally couldn't care less that this information is available. Who cares if someone knows what size socks I wear...
Should there be restrictions limiting this information with the exception of filing formally recorded information requests?Ah, so to protect the privacy of one group, we should expose that of another...? I'm not against this sort of thing, but it seems to be a massive bureaucracy. Where is this information (about who is accessing what informatin) going to be kept?
Should you be notified whenever someone makes inquiries about you?I think this would be a good idea. Similar to being rejected for credit, a letter could be sent out with each information request. There are certainly problems, however. What if you are trying to find your natural father, who you have never seen since you were given up for adoption. You know his name and maybe the city where he lives (or lived). The problem here is that people move around and sending a request may not always reach the right person.
The whole question I have about this debate is: where's the harm? I understand the concern over identity theft, but the paranoia seems a bit thick with these questions. As I said earlier, I really don't care if someone "looks me up".