It doesn't make much sense today. I came to the U.S. from Russia when I was 3.( I am now a citizen) So I can run for Congress or Governor, but not POTUS? Why not? I do believe if the clause was repealed, there would still have to be VERY strict regulations on who can run. I'm not saying that any random immigrant should be allowed to run. There should be 3 main regulations.
1. One must be a naturalized citizen.
2. One must be a member of Congress or a Govorner.
3. If one is not a Congressman or Govorner, they may be allowed to run if the party aproves.