"Maybe one day there will be a Moodle-Lite version that has only 20% of the features that 80% of most users need. I know there would never be a consensus about what those features are."
I used to think a Moodle-Lite distribution would be a good idea.
But as you say, the 80% is different is every case - we have clients that use Moodle 'mostly' for quizzes, others 'mostly' for forums, other 'mostly' for assignments.
Although it's not addressing the click question, I think the way to go is possibly the simplify the defaults - I guess Gradebook being good example, where the defaults should make the Gradebook super basic, and only when you enable specific features do those become available.