Here is my take on this:
I believe we need khalistan to establish a sikh homeland. However, it should be a place where other religions have their freedom as well. Hindus, Muslims, Christians, Buddists and others can practice their religion without fear of the government or anybody else.
I want Khalistan to be parliamentary Democracy.
However, instead of the President we should have Panj Paayaras who over see our military. Each one responsible for it's own section. The panj paayaras would be elected by the parliment members every 10 years. the panj paayaras would be nominated by the parliment as well so there are no dirty politics there.
Our economy should be mix of farming and tech.
that is all I can think of at this point. But i can come up with more later.
Oh btw, I Also want "Khalistani Air" that serves saag and makki di rooti and has weekly flights from london to Amritsar :s